Banks Get About Rs 11.5 Lakh Crore In Old Notes Since Demonetisation
Mumbai: Indian banks have so far received roughly Rs 11.5 lakh crore ($169.45 billion) in discontinued currency since the government decided to abolish high value bank notes last month, RBI deputy governor R. Gandhi said on Wednesday.Â
Prime Minister Narendra Modi decided to scrap 500-rupee and 1,000-rupee banknotes on Nov. 8 in a bid to flush out cash earned through illegal activities, or earned legally but never disclosed.Â
The scrapped notes in circulation as of Nov. 8 were worth about Rs 15.44 lakh crore, according to government data. The old notes can be deposited in bank accounts up until Dec. 30.Â
($1 = Rs 67.8679)
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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