It also clarified that there was no shortage of cash in the system.
The Reserve Bank on Wednesday said about 83 per cent of the currency has been remonetised so far. It also clarified that there was no shortage of cash in the system.
"According to our latest data, 82.67 per cent of the currency has been remonetised and in volume terms, it is 108 per cent," RBI deputy governor BP Kanungo told reporters.
On November 8 last year, the government had announced to demonetise old Rs 500 and Rs 1,000 notes. This step led to the squeeze of nearly 87 per cent money in Indian economy.
There are allegations of currency shortage at the banks and ATMs post demonetisation.
RBI deputy governor said there could be shortage in some areas, however, the central bank is monitoring the situation on a regular basis and has made efforts to bring cash back.
Source: Media reports
Thursday, June 8, 2017