Almost 12 Lakh Crore demonetised Rs 500 and Rs 1,000 notes deposited by Public since November 8 Announcement: RBI

The RBI has kept the key lending rates unchanged in its review

An activist of Congress party holds banned 500 and 1000 rupee notes during a protest against the government's decision to withdraw high denomination notes from circulation, in front of Reserve Bank of India. in Hyderabad, Nov. 28, 2016. VOA

Mumbai, Dec 7, 2016: Almost 12 lakh crore demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the November 8 announcement, R. Gandhi, Deputy Governor, Reserve Bank of India (RBI), said here on Wednesday.

“Almost 11.85 lakh crore notes have been deposited so far,” Gandhi said while addressing a press meet following the central bank’s bi-monthly monetary policy review.

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 The RBI has kept the key lending rates unchanged in its review.

S.S. Mundra, deputy governor, RBI, said the impact of demonetization on the gross domestic product (GDP) growth rate would “only be 15 basis points and it would be transient.”

However, the apex bank lowered the GDP growth forecast by 50 basis points to 7.1 per cent from 7.6 per cent. (IANS)