RBI issued new notes worth Rs 9.2 lakh crore, says Urjit Patel to Parliamentary panel

The value of high denomination notes of Rs 500 and Rs 1,000 demonetised on November 8 has been estimated to be Rs 15.44 lakh crore.

RBI issued new notes worth Rs 9.2 lakh crore, says Urjit Patel to Parliamentary panel

While appearing before a Parliamentary Standing Committee on Finance on Wednesday, Reserve Bank of India governor Urjit Patel has  revealed that Rs. 9.2 lakh crore has been introduced in new currency so far.

NDTV has quoted Urjit Patel as saying to the panel that the process of demonetisation started in January. In a written response to the panel earlier, Patel had said that the government had "advised" the central bank to cancel the high-value notes on November 7, a day before Prime Minister Narendra Modi announced the ban of high denomination notes of Rs 500 and Rs 1,000 in Lok Sabha.


The value of high denomination notes of Rs 500 and Rs 1,000 demonetised on November 8 has been estimated to be Rs 15.44 lakh crore.

Patel emphasised that the central bank would be able to supply to banking system as much cash as required. But he did not divulge further on when the banking operations will come to normalcy. Patel refused to disclose how much of the demonetised currency has been deposited back in banks.

Patel briefed the panel on demonetisation and its impact on the economy and the steps taken by RBI to tackle the issue of cash crunch.

The RBI Governor is also likely to appear before the Public Accounts Committee of Parliament on the same issue on January 20.