14.12.16

80% of old notes now back in banks


The amount of demonetized currency that has been deposited in banks has crossed Rs.12.44 lakh crore on December 10. The deposits represent nearly 80% of the value of high denomination notes (estimated at Rs.15.44 lakh crore) of Rs.500 and Rs.1,000 demonetised on November 8.The official data on high value currency as on March 2016 was Rs.14.18 crore.
With over a fortnight to go for depositing banned currency notes, the scope of government making windfall gains through extinction of currency notes has dimmed a bit. The RBI also said that it has pumped in Rs.4.61 lakh crore of legal tender since demonetisation of high value currency notes.


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