No Target of Printing New Notes Worth Entire Rs 15.44 lakh cr: Government  

New Delhi: The Union government on Thursday said that it has no intention of printing new notes worth the entire Rs 15.44 lakh crore that was in circulation in high denomination notes before demonetisation.

Economic Affairs Secretary Shaktikanta DasThe remonetisation will be as per requirement. There is no target that we have to reach (print) Rs 15 lakh crore. The government has given significant push to digitisation and digital payments. So the requirement of the cash will be measured and according to that it will be pushed into circulation.

Das said that by December-end, government would have put about 50 per cent of Rs 15.44 lakh crore in circulation.

Economic Affairs Secretary Shaktikanta DasRoughly in another week or 10 days, or let’s say by end of December, about 50 per cent of the notes will be supplied back in circulation. Roughly, more than Rs 5 lakh crore have been given to the markets already.

Das also said that in the past five weeks, the Reserve Bank of India has supplied three times of the quantum of lower denomination currency in the markets before demonetisation.

Shaktikanta DasOn November 8, there was Rs 1.60 lakh crore of Rs 100 notes in circulation. In the last five weeks, we have supplied Rs 80,000 crore of Rs 100 notes to the market, which is three times more.

--IANS