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Reserve Bank: 80 percent demonetized notes returned to banks
Posted on: 17/Dec/2016 6:16:37 PM
The Reserve Bank of India has announced that around 80 percent of the notes of denomination Rs.500/- and Rs. 1000/- announced as invalid has been returned to the banks.
As on 10th December, RBI informed that the invalid notes of Rs. 500 and Rs. 1000 worth Rs. 12.44 Lakh Crores have been returned to the bank.
The banks have played the direct role of helping the public to exchange old notes of Rs. 500 and Rs. 1000 to the extent of Rs. 4.61 Lakh Crores.
The total worth of Rs. 500 and Rs. 1000 notes in circulation is Rs. 15.44 Lakh Crores. So, it is estimated that that still notes worth Rs. 3 Lakh Crores are to be tracked. This works out to be 20 percent of the total value of the demonetized notes.
There are only 12 more days left to deposit this 20 percent balance notes as per the deadlines announced by the government.
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