80 percent demonetized notes returned to banks

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Reserve Bank: 80 percent demonetized notes returned to banks

The Reserve Bank of India has announced that 80% of the notes of denomination Rs.1000/- and Rs. 500/- announced as invalid has been returned to the banks.

On 10th December 2016, Reserve Bank of India informed that the invalid notes of Rs. 1000 and Rs. 500 worth Rs. 12.44 Lakh Crores have been returned to the bank.

The banks have played the important and direct role of helping the public to exchange old Rs. 500 and Rs. 1000 notes to the extent of Rs. 4.61 Lakh Crores.

RBI informed that 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% of the total value of the demonetized notes in India.

There are only 12 more days left to deposit this 20 percent balance notes as per the deadlines announced by the government (deadline till 30th Dec 2016).

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