09/12/2016 9:09 AM IST | Updated 09/12/2016 9:11 AM IST

Currency Notes Worth ₹4.27 Lakh Crore Have Been Issued After Demonetisation: RBI

About ₹11.85 lakh crore of defunct notes have been returned to the banks so far.

AFP/Getty Images

MUMBAI -- RBI on Thursday said that currency notes worth over ₹4.27 lakh crore have been issued to public through banks and ATMs following the demonetisation of old high value bills.

The Reserve Bank also said that it "will shortly" issue ₹500 denomination banknotes in the Mahatma Gandhi (New) Series, without any inset letter, bearing signature of Governor Urjit R Patel.

Consequent to the announcement of withdrawal of legal tender status of banknotes of ₹500 and ₹1,000 from the midnight of 8 November 2016, the central bank made arrangements for exchange and/or deposit of such notes, it said.

ALSO READ: Nilekani Says India Has The Tech To Go Cashless, But Then Why Aren't People Switching?

The RBI has also made arrangements for supply of adequate quantity of banknotes in various denominations to the public through banks, the central bank said in a statement.

"During the period from 10 November 2016 and 7 December 2016, banks have reported that banknotes worth ₹4,27,684 crore have been issued to public either over the counter or through ATMs," it said.

On Wednesday, the apex bank had said about ₹11.85 lakh crore of defunct notes have returned in the banking system.

Long queues for cash withdrawal have been witnessed outside banks and ATMs all over the country since 10 November.

The bank were kept closed on 9 November, the day demonetisation came into effect.

Also On HuffPost:

Photo gallery Rare Photos Of Jayalalithaa You May Have Never Seen Before See Gallery