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India infuses $74 billion of cash post Nov 8 - official

Published 15/12/2016, 12:11
Updated 15/12/2016, 12:20
© Reuters. The Reserve Bank of India (RBI) seal is pictured on a gate outside the RBI headquarters in Mumbai

NEW DELHI (Reuters) - India's central bank has infused more than 5 trillion rupees (59.08 billion pound) of currency notes into the banking system since Nov. 8, Economic Affairs Secretary Shaktikanta Das told reporters on Thursday.

This is a fraction of the 15.44 trillion rupees in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them last month, in a surprise move targeting counterfeiters and people holding undeclared wealth.

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