Demonetisation: 70% of the notes will be remonetised by February-end
Reserve Bank of India (RBI) is currently printing around 200 crore notes a day. This means that the remonetisation efforts will be 70% complete by the end of February 2017.
State Bank of India (SBI), in a research note on January 20, 2017, said, "As per the latest RBI data on currency in circulation, newly supplied currency till Jan 13 is around Rs 7 lakh crores. This means that roughly 70 million pieces of notes of different denominations are being printed per day at the printing press. This translates into around 1.8 billion pieces per month by the printing press."
Till December 19, RBI had said that around Rs 5.9 lakh crores of notes were remonetised, hence during the intervening period of 13 January-19 December, about 1 lakh crore value of notes were printed.
"RBI has most likely also printed notes of varied smaller denominations as well as printing Rs 2000 rupee notes, so as to optimise the printing capacity," SBI said.
Finance Minister Arun Jaitley in December 2016 said that the process of remonetisation will not take a lot of time.
He had said, "The whole process of remonetisation is not going to take very long time and I'm sure very soon the Reserve Bank of India (RBI) by injecting currency daily into the banking and postal system will be able to complete that."