Mugundan wrote:This is the first time that I have heard abut 15.5 trillion as the figure for high denomination notes as on Nov 8. All reports had stated 14.5 lakh crore (which I presume would come to 14.5 trillion?).
Almost every report and TV programme so far had mentioned that there was no estimate of the cash held by RBI and the banks (plus ATMs) on the night of Nov 8. Obviously there would be many stories and many versions about this and until the RBI comes up with a firm figure it could only be conjecture (or informed sources as they say).
http://www.thehindu.com/news/national/R ... 440921.ece
I was under the same impression about the two things you mentioned above,
1. 14.5 (actually 14.18 lakh crore) notes in 500, 1000
2. we don't know the cash notes held by RBI, banks (plus ATMs)
Hindu - good newspaper - is still not the be all / end all for such reporting, if I may say so. As it says in that aricle you quoted: " Till March 2016, Rs. 14 lakh crore out of Rs. 16 lakh crore worth currency issued by the RBI were in the denominations of Rs. 500 and Rs. 1,000, as per the central bank’s official data."
So, 14.18 is accurate as of March 2016 and as of Nov 8, 2016 this number is different. Although RBI does not give a denomination wise breakdown for this, it does provide weekly reports from which we can glean the 15.5 number. And the same weekly report also shows the cash reserves held by Banks and the RBI.
Hence, the numbers quoted in the Hindustan times article are accurate, however their MATH is WRONG....