Government on Friday said that notes in circulation are above 85 per cent of the pre note-ban levels and steps have been taken to accelerate remonetisation. Minister of State for Finance Arjun Ram Meghwal said this in a written reply to the Lok Sabha.
He said, as on 23rd of last month, the notes in circulation stood at 15,074 billion rupees, against 17,540 billion as on 28th of October last year. Mr Meghwal said, with the continued efforts to remonetise the economy, the notes in circulation has been increasing.
Prime Minister Narendra Modi had announced demonetisation of one thousand and five hundred rupees notes on 8th of November last year to curb the menace of corruption, black money and fake currency. New two thousand and 500 notes were then brought into circulation.