'Process of demonetisation is complete,' says DEA Subhash Chandra Garg
New Delhi, Aug 29: The Department of Economic Affairs secretary Subhash Chandra Garg said "demonetisation met its intended objective", adding that there is no cash crunch anywhere in the country.
Speaking to media, Garg said,''All the notes which have been received have been counted, they have been disposed of and the final count which has come up is that about 10,000 odd crore of the notes have not come back the rest have all come back.''
''There are still some notes stuck in the court processes and all which can come back. But the amount involved in that is very small. So the process of Demonetisation is complete,'' he also said.
Earlier in the day, the RBI in its annual report 2017-18, said almost 99.30 per cent or Rs 15.31 lakh crore has come back to it, compared to Rs 15.41 lakh crore which was wiped out of circulation after the government's move to demonetise high-value notes of Rs 500 and Rs 1,000. As of March, the value of banknotes in circulation stands at 18 lakh crore.