80 per cent of old currency notes back in bank, claims RBI

New Delhi : Post demonetisation, the banks have received over 12.44 trillion rupees or $184.24 billion in old Rs 500 and Rs 1000 currency notes till December 10, claimed Reserve Bank of India.

In return, 4.61 trillion rupees have been issued so far by banks and ATM machines, RBI added.

Prime Minister Narendra Modi had announced ban on old currency notes of Rs 500 and Rs 1000 on November 8, aiming to bring back unaccounted cash back in system, curb fake currency circulation and deter terror financing.

According to a report by NDTV, It wiped out 86 per cent of the money in circulation.

The RBI has also urged people not to stock new currency issues instead use it for transactions so that the shortage can be curbed at earliest.