RBI has made arrangements for supply of adequate banknotes in various denominations.
New Delhi: Notes in circulation as on July 21 were nearly 86 per cent of the pre-demonetisation level and RBI has made arrangements for supply of adequate banknotes in various denominations, Parliament was informed on Friday.
In a written reply to Lok Sabha, Minister of State for Finance Arjun Ram Meghwal said specific banknotes received are to be reconciled to obviate reporting errors and processed for numerical accuracy and authenticity through machines.
"Remonetisation is taking place ceaselessly at a fast pace and RBI has made arrangements for supply of adequate quantity of banknotes in various denominations. Notes in Circulation (NIC) as on July 21, 2017 are nearly 86 per cent of NIC as on November 4, 2016," Meghwal said.
Prime Minister Narendra Modi on November 8 had announced ban on Rs 1,000 and Rs 500 notes in a major assault on black money, fake currency and corruption. New Rs 2,000 and Rs 500 notes were then brought into circulation.