Only Rs 75,000 Cr of the demonitised currency are out, 14 lakh crore back in the system 

January 9, 2017, 9:49 am
Only Rs 75,000 Cr of the demonitised currency are out, 14 lakh crore back in the system 
BUSINESS NEWS
BUSINESS NEWS
Only Rs 75,000 Cr of the demonitised currency are out, 14 lakh crore back in the system 

Only Rs 75,000 Cr of the demonitised currency are out, 14 lakh crore back in the system 

As per the information available with the Reserve Bank of India and the government about Rs 14 lakh core of the demonitised currency have been deposited with the banks so far. Now the government estimate that Rs 75,000 crore in demonitised Rs 500 and Rs 1000 notes are not returning to the banking system, Indian Express reported quoting a top official. According to that report when the high value currencies were demonitised the government has estimated that up to Rs 3 lakh crore that is 20 percent of the total value of the demonitised currency would not return.

Government officials also claimed that almost Rs 10 lakh crore in new currency have already been supplied to banks. To ease the liquidity crisis the government has sought the opinion of the RBI if it could release Rs 75,000 Cr from its currency reserves. The authorities believe that the liquidity situation will improve within two weeks when 2- 2.5 lakh Crore freshly printed notes reach banks.

Indian Express quoting RBI sources said it will take long time to distinguish between fake and counterfeit currency from the wads of returned currency . RBI has 60 machines to sort these currencies. Even if they work for 12 hours a day according to the RBI official it would take 600 days for this operation to conclude this operation