No target of printing new notes worth entire Rs 15.44 lakh cr: Government

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5 Dariya News

New Delhi , 15 Dec 2016

The Union government on Thursday said that it has no intention of printing new notes worth the entire Rs 15.44 lakh crore, that was in circulation in high denomination notes before demonetisation."The remonetisation will be as per requirement. There is no target that we have to reach (print) Rs 15 lakh crore," Economic Affairs Secretary Shaktikanta Das told reporters here. "The government has given significant push to digitisation and digital payments. So the requirement of the cash will be measured and according to that it will be pushed into circulation," he added.Das said that by December-end, government would have put about 50 per cent of Rs 15.44 lakh crore in circulation. "Roughly in another week or 10 days, or let's say by end of December, about 50 per cent of the notes will be supplied back in circulation. Roughly, more than Rs 5 lakh crore have been given to the markets already," he added.Das also said that in the past five weeks, the Reserve Bank of India has supplied three times of the quantum of lower denomination currency in the markets before demonetisation. "On November 8, there was Rs 1.60 lakh crore of Rs 100 notes in circulation. In the last five weeks, we have supplied Rs 80,000 crore of Rs 100 notes to the market, which is three times more," he said.