Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha that the Notes in circulation are above 85 percent of the pre-demonetisation levels. As on June 23rd, the notes in circulation stood at 15,074.43 billion as against 17,540.22 billion as on October 28, 2016.
But then, the ground reality seems to be different. ATM Centers continue to sport the No Cash Board while Banks impose unofficial limits on Cash Withdrawals. The condition is even worse in the banks of the rural areas where there seems to be no end for the Cash woes.
In a historic decision on November 8th, Prime Minister Narendra Modi flushed the then 500 and 1,000 rupee notes, which accounted for 86 percent of the total currency in circulation. Economists believe that a majority of that is back in banks indicating that Demonetization did not work.
