All is well? Rs 9.1 lakh crore in circulation as Rs 6.78 lakh crore remonetised

The Indian government said Rs 6.78 lakh crore have been returned to the formal banking system and now the total currency in circulation is Rs 9.1 lakh crore.

"Remonetisation is taking place ceaselessly at a fast pace. Between November 10, 2016 and January 13, 2017, the notes in circulation have increased by Rs 6.78 lakh crore, thereby taking the total notes in circulation to Rs 9.1 lakh crore," Minister of State for Finance Arjun Ram Meghwal said in a written reply in Rajya Sabha.

On being asked how much old Rs 500 and Rs 1,000 notes (SBNs) were deposited/exchanged upon being demonetised, Meghwal said SBNs worth Rs 12.44 lakh crore were returned to currency chests of RBI by December 10, 2016.

"Reports have been submitted by banks to Reserve Bank regarding the amount deposited in the banks as on December 30, 2016. The data obtained in this regard would need to be reconciled with the physical cash balances to eliminate counterfeit notes, accounting errors/possible double counts, etc, after which only the final figure will be arrived," he added.

Meghwal also informed that a total of 94,899.23 million pieces of all denomination bank notes were in circulation as on November 8, 2016.

While, 59,668.97 million pieces of circulating coins of all denominations were minted and lifted by RBI during 2008 to November 8, 2016.