Rs 12 lakh crore notes of old currency deposited in RBI till now

Photo of old currency notes of Rs 500 and Rs 1,000.

Mumbai: The Reserve Bank of India, Deputy Governor, R Gandhi said today that almost 12 lakh crore demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the November 8 announcement.

Gandhi while addressing a press meet following the central bank’s bi-monthly monetary policy review said, “Almost 11.85 lakh crore notes have been deposited so far,”

On other hand, the RBI has kept the key lending rates unchanged in its review.

Deputy Governor, RBI, S.S. Mundra said, the impact of demonetisation on the gross domestic product (GDP) growth rate would “only be 15 basis points and it would be transient.”

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However, the apex bank lowered the GDP growth forecast by 50 basis points to 7.1 per cent from 7.6 per cent.

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