Union Finance Minister Arun Jaitley on Tuesday said the Reserve Bank of India (RBI) will inject “significant amount” of new notes in the system to ease the prevailing cash crunch.
“Every day, RBI is injecting a large amount of currency. Significant amount will be injected in the next three weeks, which will gradually bring the pressure down,” Jaitley told reporters here.
Jaitley said demonetisation has forced “unaccounted” cash operating in the system to return to the banking system.
“Loose cash operating in the system has come back to the banking system, it was unaccounted,” he said.
Labelling the move as hugely in favour of digitisation, he said there were many advantages to it and future transactions would be substantially digitalised.
“Digitisation has ability to support a society which has much less cash. The government has started overhauling the system,” he added.