RBI had just Rs 5L crore in new notes on Nov 8

MUMBAI: An

RTI

query has revealed that the Reserve Bank of India (RBI) only had around Rs 4.95 lakh crore in the new Rs 2,000 notes when the demonetisation decision was announced. An estimated Rs 15.44 lakh crore was in circulation in the old Rs 500 and Rs 1,000 notes on November 8.

According to RTI activist

Anil Galgali

, the RBI's Rs 2,000 notes accounted for less than one-fourth of the value of its own stock of the old notes. On that day , the RBI had Rs 20.51lakh crore in the old Rs 500 and Rs 1,000 notes.

“As per the RTI reply by RBI PIO

Suman Rai

, it is clear that the government was well aware of the gamble it was taking on a decision that had the potential to wreak havoc on the lives of 125 crore Indians,“ Galgali said.

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