Over Rs 11.64 lakh crore has been remonetised: FM Jaitley

He said cost of the currency note is the function of direct and indirect material and labour cost

Union Finance Minister Arun Jaitley on Friday said the cost of remonetisation will be known once the ongoing process is completed.

He said it will also be known at the end of the process as to how much genuine high-value currency has been brought into re-circulation.

"One of the objectives of (November 8) demonetisation was to get high-denomination currency back into the banking system. Demonetisation brought all the high-denomination notes back into the banking system, rather than lying unaccounted," Jaitley said in the Lok Sabha during the Question Hour, responding to a query.

Jaitley said the Reserve Bank of India is verifying each and every high-value currency deposit after the demonetisation move.

"It is now up to the depositors to establish that it is not black money," he added.

Jaitley said by February 24, over Rs 11.64 lakh crore has been remonetised, which could exceed Rs 12 lakh crore by now.

He said he hoped the targets of direct and indirect taxes will be exceeded this fiscal.

"In December last year alone, over Rs 1.40 lakh crore was collected as direct taxes. There is a buoyant growth in tax collections for the past three years," he said.a