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June 26, Monday 2017 12:22 PM       

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       12 lakh new notes infused in the market: Jaitley
 
         Posted on :21:19:17 Mar 10, 2017
   
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       Last edited on:21:19:17 Mar 10, 2017
         Tags: 12 lakh, infused, market, Jaitley
 
NEW DELHI: Around 12 lakh new currency notes have been infused into the market by the Reserve Bank of India ever since the remonetisation process has started, Finance Minister Arun Jaitley said today.
 
The RBI has informed that till February 24, a total of 11,64,100 new currency notes are in circulation in the market, Jaitley said in the Lok Sabha. "This amount must have now increased to 12 lakh as it has been a fortnight since then," he said during Question Hour.
 
Responding to supplementaries, the Minister said it was difficult to give an exact figure on the number of deposited defunct Rs 500 and Rs 1,000 notes. "Every currency note has to be verified - whether it is genuine or fake. Then the genuine and fake notes have to be segregated. It is a very large exercise. It is difficult to tell now. Once the RBI completes the exercise, we will inform the House in details," he said.
 
Jaitley said the cost of the currency note is the function of direct and indirect material and labour cost, which changes every year. Differences also arise due to type and age of machines and the skill level of the employees.
 
"Due to the differences mentioned, the cost of notes varies from Rs 2.87 to Rs 3.09 per Rs 500 note (old or new) and from Rs 3.34 to Rs 3.77 for a Rs 1,000 note. The cost of the Rs 2,000 note is in the same range as that of the old Rs 1,000 note," he said.
 
The Minister also said that the net direct tax collection in December last year was Rs 1,40,824 crore compared to Rs 1,35,660 crore in December 2015.
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       BUSINESS
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BUSINESS HEADLINES
Rupee halts 3-day slide v/s USD; up 7 paise at 64.52  
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Sensex tumbles 153 pts on profit-booking  
Sensex hits all-time high of 31,522  
RBI to keep rates unaltered in near term: D&B  
Sensex surrenders record gains on GST blues, mixed global cues  
GST to be rolled at midnight June 30: Jaitley  
India plans SAARC meet for startups: Nirmala  
Rupee gains 11 paise against dollar, stocks play anchor  
"Rs 700 cr worth of Momentum Jharkhand proposals implemented"  
JK govt to seek complete consensus before GST implementation  
Mobile data consumption rose 142% in last 3 yrs: Kant  
Gold loses sheen on weak global cues, muted demand  
Rupee opens lower by 15 paise against dollar  
Nifty ends below 9,600 post Fed rate hike  
Paytm, 1mg offer discounts ahead of GST  
Customers may get Rs 5,000 if int'l SIM card fails  
Sensex closes higher, Nifty advances as inflation cools  
RBI issues new Rs.500 bank notes with inset letter 'A'  
Govt close to resolution on stressed power projects: Goyal  
Inflation at record low of 2.18%; factory output slows to 3.1%  
Cut down on salads to save costs: AI staff  
GST: Lowers tax for 66 items, price of coir and cashew to go down  
GST Council revises rates for cinema tickets  
GoAir to launch additional flight on Delhi-Patna route  
 
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