Demonetized Rs 14 lakh crore currencies deposited in banks
Posted on: 28/Dec/2016 2:38:31 PM
The withdrawn money Rs 500 and Rs 1000 which was withdrawn by the central government has been now deposited in the banks to the tune of Rs 14 Lakhs Crores.
On 8th November, Prime Minster Narendra Modi demonetized Rs 500 and Rs 1000 currency notes. The central government had announced that these currencies can be deposited in the banks. Moreover the central government had expected that the old notes will be deposited in large numbers. At this juncture Rs 14 Lakh Crores have been deposited in the banks. The balance Rs 3 Crores have been considered as hoarded and will not be deposited in the banks.
With more than 90 per cent of the scrapped currency notes coming back into the system, it is expected that the RBI will no more be able to give a substantial dividend to the government.
While the value of deposits indicates that black money hoarders managed to find ways to deposit unaccounted money, the government expects to gain tax revenues from large deposits above the prescribed Rs 2.5 lakh per individual limit.
