Consequent to the announcement of withdrawal of Legal Tender status of banknotes of ₹500 and ₹1000 denominations from the midnight of November 8, 2016, the Reserve Bank of India made arrangements for supply of adequate quantity of banknotes in various denominations to the public through the banks.
Over the period from November 10, 2016 upto December 19, 2016, banks have reported that banknotes worth ₹5,92,613 crore have been issued to public either over the counter or through ATMs.
In this period, the Reserve Bank has issued to the banks and their branches, for distribution to the public, a total of 22.6 billion pieces of notes of various denominations of which 20.4 billion pieces belonged to small denominations of ₹ 10, 20, 50 and 100s and 2.2 billion belonged to higher denominations of ₹2000 and ₹500.
Ajit Prasad
Assistant Adviser
CAclubindia
