The Reserve Bank of India has injected 9.2 trillion rupees ($135.21 billion) worth of new currency notes into the banking system to help replace the notes banned in November, a parliamentary panel member quoted central bank governor Urjit Patel as saying on Wednesday.
Patel met the panel on finance to answer questions about the November 8 abolition of 500- and 1,000-rupees notes, or 86 percent of the currency then in circulation, in a bid to unearth billions of dollars of unaccounted money. About 15.4 trillion rupees worth of the notes were removed from circulation.
Patel, however, failed to provide any figure for how many of the banned notes had been deposited into the banking system and he did not provide clarity on when the cash situation would become normal, according to a second member of the panel who was also present at the appearance.
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