December 7, 2016 6:33 PM

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Efforts are on to reduce inconvenience due to denomination: RBI Dy Governor

RBI Deputy Governor in charge of Monetary Policy and Currency Management, Mr. R Gandhi today said that all efforts are being made to reduce the inconvenience being faced by people due to withdrawal of high denomination currency notes. <br/><br/>Addressing a press conference in Mumbai, Mr. Gandhi said RBI has so far supplied 19.1 billion pieces of currency notes in smaller denomination; adding that this was more than the total number of notes supplied in last three years. <br/><br/>Assuring the public that there is no shortage of currency, Mr. Gandhi said RBI has increased the production of 100 and 500 rupee notes as it will improve currency circulation in coming days. <br/><br/>Mr. Gandhi informed that old notes worth 11.55 lakh crore rupees out of the estimated 14 lakh crore rupees have been recovered so far. When asked if RBI was considering to introduce new notes of 1000 denomination, Mr. Gandhi said currently there is no deliberation in that regard.<br/><br/>Even while stating that RBI is reviewing the situation on a daily basis; Mr. Gandhi refused to divulge as to when will the restrictions on limits of withdrawal of currency from banks and ATMs will be lifted.

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