New Delhi, Nov 8 : RBI Deputy Governor R. Gandhi on Tuesday said that there were 16.5 billion units of Rs 500 notes in circulation, while the number for Rs 1,000 notes was 6.7 billion.

Gandhi said this during a press conference after Prime Minister Narendra Modi announced in a televised address that Rs 500 and Rs 1,000 notes would cease to be legal tender from midnight.