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RBI says Rs 12.44 lakh crore old Rs 1000 and Rs 500 notes deposited till December 10

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New Delhi: Reserve Bank of India (RBI) has said that people have deposited as much as Rs 12.44 trillion (Rs 12.44 lakh crore) in banned notes till December 10. This means that the Narendra Modi government can expect to receive the entire money that was in circulation in the form of Rs 1000 and Rs 500 notes that were banned on November 8.

RBI also said that the banks have issued Rs 4.61 trillion to people since the demonetization was announced by Prime Minister Narendra Modi. Nonetheless the Reserve Bank didn’t mention that it was a meager amount compared to what has been deposited by people.

Ever since the demonetization was announced, people’s lives have taken a turn for the worse. Many people have been spending several hours daily merely to get their own money from banks. ATMs have been without cash not just in rural areas and towns but also in metro cities. The hardship being faced by people in smaller cities and villages is unimaginable.

Picture Courtesy Sify.com
Picture Courtesy Sify.com

RBI Deputy Governor while talking to reporters said “The old notes of Rs 500 and Rs 1,000, which have been returned to the Reserve Bank and the currency chest, amounted Rs to 12.44 trillion as of December 10”.

He further said that the money that various banks have issued through their counters and ATMs since November 10 and up to December 10 stood at Rs 4.61 trillion, he added. In terms of volume, the number stood at 21.8 billion pieces of notes of various denominations, of which 20.1 billion pieces were of Rs 10, Rs 20, Rs 50 and Rs 100. The number of higher denomination of new Rs 500 and Rs 2,000 notes stood at 1.7 billion, he said.

He went on to add, “The entire system is continuously gearing up for supporting the circulation of notes in the hands of the public. Daily, we are issuing more and more notes, getting it printed and issuing it and this will be a continuous affair. The public are requested to freely use the notes that they have in their hands rather than hoard it”.

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