The exercise of remonetisation that began after scrapping of the old Rs 500 and 1,000 notes on November 8 is "nearly complete" as practically there are no restrictions on withdrawals, said Economic Affairs Secretary Shaktikanta Das.
"All restrictions have been removed except on savings bank account of Rs 24,000 per week. This (removal of withdrawal limit) is also a matter of time," he said in an interview.
He further said currency supply and management are RBI's responsibility and the central bank will take a call in the near future on lifting the only remaining restriction, which is weekly withdrawal of Rs 24,000 from a savings bank account.
"Only a few withdraw Rs 1 lakh a month. Therefore, there is no restriction. I think the process of remonetisation is near-complete. I am using the word near-complete because this Rs 24,000 limit is there," he said.
The emphasis will be on providing lower denomination notes.
Das said the remonetisation process has reached near completion in less than 90 days of the announcement of the demonetisation by the Prime Minister on November 8.
"In less than 90 days, the whole process of remonetisation is almost complete. This speaks volumes about the way the
remonetisation has been completed," he said.
Earlier in the week, RBI announced lifting of restrictions on daily withdrawal of cash from current and overdraft account as well as ATMs.
The central bank also promised to review the weekly limit in the near future depending on the pace of remonetisation. The government and RBI had imposed limits on withdrawal of money from ATMs and bank branches in view of currency shortage following the cash ban.