“82.6% of the economy is remonetised, which is a large number. And if you look in terms of volume it is 108% of the figure of that date,” RBI deputy governor B.P Kanungo said at a post bimonthly monetary policy interaction.
“So it is not true to say that there is cash shortage. There could be shortage in some pockets… if that comes to our notice we respond immediately through various means,” he added.
According to Reserve Bank data, the currency in circulation was Rs 17.9 billion as on November 4 – just before high value notes were withdrawn from November 9. As on May 26, the currency in circulation was Rs 14.9 billion.
Source: The Hindu
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