India infused $74 billion of cash into banking system post Nov. 8 – Shaktikanta Das | Reuters

Dec 15, 2016 21:42 IST

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NEW DELHI The Reserve Bank of India has infused more than 5 trillion rupees ($73.66 billion) of currency notes into the banking system since Nov. 8, Economic Affairs Secretary Shaktikanta Das told reporters on Thursday.This is a fraction of the 15.44 trillion rupees in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them last month, in a surprise move targeting counterfeiters and people holding undeclared wealth.

($1 = 67.8801 Indian rupees)

(Reporting by Manoj Kumar; Editing by Malini Menon)

This story has not been edited by Firstpost staff and is generated by auto-feed.

First Published On : Dec 15, 2016 21:42 IST

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India infused $74 billion of cash into banking system post Nov. 8 – Shaktikanta Das
| Reuters