India infused $74 bn of cash into banking system post Nov 8: Das

NEW DELHI (Reuters) - The Reserve Bank of India has infused more than 5 trillion rupees (USD73.66 billion) of currency notes into the banking system since Nov. 8, Economic Affairs Secretary Shaktikanta Das told reporters on Thursday.

December 15, 2016 / 21:21 IST

The Reserve Bank of India has infused more than 5 trillion rupees (USD73.66 billion) of currency notes into the banking system since Nov 8, Economic Affairs Secretary Shaktikanta Das told reporters on Thursday.

This is a fraction of the 15.44 trillion rupees in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them last month, in a surprise move targeting counterfeiters and people holding undeclared wealth.

(USD1 = 67.8801 Indian rupees)

first published: Dec 15, 2016 06:23 pm

Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!

Subscribe to Tech Newsletters

Al Edge Newsletter On Saturdays

Find the best of Al News in one place, specially curated for you every weekend.
MC Tech 3 Newsletter Daily-Weekdays

Stay on top of the latest tech trends and biggest startup news.

Advisory Alert: It has come to our attention that certain individuals are representing themselves as affiliates of Moneycontrol and soliciting funds on the false promise of assured returns on their investments. We wish to reiterate that Moneycontrol does not solicit funds from investors and neither does it promise any assured returns. In case you are approached by anyone making such claims, please write to us at grievanceofficer@nw18.com or call on 02268882347