Latest News - The Reserve Bank of India has injected Rs 9.2 lakh cr ($135.21 billion) worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary source quoted central bank governor Urjit Patel as saying on Wednesday.
Patel met a parliamentary panel on finance on Wednesday to answer questions about the country's recent move to abolish 500 and 1,000 rupees notes, or 86% of the currency then in circulation, in a bid to unearth billions of dollars of unaccounted money.
About Rs 15.4 lakh crore worth 500 and 1,000 rupees notes were removed from circulation after the Nov. 8 announcement from the government.
Urjit Patel is learnt to have told the parliamentary panel on demonetisation that discussions between the central bank and the government on the process began early last year.
Congress members of the committee asked questions like whose decision was it to withdraw high currency notes and also about autonomy of RBI, sources said.
BJP members of the panel, headed by Congress leader Veerappa Moily, however, chose not to raise much questions during the meeting, they added.
The questions put up by the panel ranged from the total amount of money that came back during the demonetisation period to the total amount of new bills of Rs 500 and Rs 2,000 that were printed and sent to the banks.(Read More)
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