Economic affairs secretary Subhash Garg on Wednesday defended the note ban move by the centre even as the Reserve Bank of India (RBI) said 99.3 percent of the money in circulation has come back into the banking system post demonetisation.
Demonetisation did have several positive outcomes and it has achieved its purpose quite substantially, Garg said.
RBI in its annual report said the total value of Rs 500 and Rs 1,000 notes in circulation was Rs 15.41 lakh crore, while the total value of demonetised notes returned from circulation is Rs 15.310 lakh crore.
The central bank also said it has completed the verification and processing of the specified bank notes.
"All demonetised notes have been counted and destroyed, he said, adding that some small amount of notes are still stuck in courts and law enforcement agencies.
There is no cash crunch anywhere in the country now, Garg said. "This was a temporary problem which was witnessed in the month of February and March," he said.