The Reserve Bank on 8 June said nearly 83 per cent of the currency has been remonetised so far and denied there was any shortage of cash in the system.
"According to our latest data, 82.67 per cent of the currency has been remonetised and in volume terms, it is 108 per cent," said RBI deputy governor BP Kanungo on 8 June.
The government had demonetised old Rs.500 and Rs.1,000 notes on 9 November, junking nearly 87 per cent of the currency in circulation.
In a reply to questions in Lok Sabha, Minister of State for Finance Arjun Ram Meghwal on 2 December, 2016, had said the day on which demonetisation was announced (November 8), there were 17,165 million pieces of Rs.500 notes and 6,858 million pieces of Rs.1,000 notes in circulation.
The data on the amount of demonetised notes returned back however continues to be elusive.
Kanungo further said it would be wrong to assume that there is any shortage of currency in the system.
Customers across the country have been complaining of severe shortage of currency at the banks and ATMs.
Kanungo admitted that there could be shortage in some areas but said RBI is monitoring the situation on a regular basis and has made enough arrangements to replenish cash.
"Yes, there could be shortage of currency in some pockets but whenever such things come to our notice, we respond immediately through various measures including inter-chest remittances.
"I won't agree to the view that there is cash shortage on a longer term basis or persistent basis at any place," he said.
On shortage of cash at ATMs, the deputy governor said in an area where there are seven to eight ATMs, there is always one or two ATMs which would be dispensing cash.