Banks get about Rs 5.44 lakh crore worth of scrapped notes

The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and November 18, the Reserve Bank said in a statement.

By: PTI | Mumbai | Published:November 21, 2016 3:54 pm
demonetisation, rs 500 ban, rs 1000 ban, jan dhan account, RuPay, RuPay debit card, maharashtra jan dhan, jan dhan yojna, notes invalid, indian express news, india news, latest news The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and November 18, the Reserve Bank said in a statement.

People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500 and Rs 1,000 notes at different banks till November 18 following demonetisation of the higher denomination currency. The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and November 18, the Reserve Bank said in a statement.

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Consequent to the announcement of withdrawal of legal tender status of banknotes of Rs 500 and Rs 1000 denominations from the midnight of November 8, 2016, the RBI had made arrangements for exchange and/or deposit of such notes. The facility was available at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.

“Banks have since reported that such exchange/deposits effected from November 10, 2016 up to November 18, 2016 amounted to Rs 5,44,571 crore (exchange amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore).

“They have also reported that the public have withdrawn, during this period, Rs 1,03,316 crore from their accounts either over the counter or through ATMs,” the statement said.

Long queues were witnessed on November 10, the day on which banks opened after after announcement of demonetisation, as people thronged banks and post offices to exchange and deposit invalid currency notes.

People also queued up at ATMs for cash withdrawal. Meanwhile, government made several exceptions allowing people to use invalid currency notes for buying petrol/diesel, rail and air tickets, payment of public utilities, taxes and government hospitals.

On Monday, the government allowed farmers to purchase seeds for the rabi crops using old Rs 500 notes from government outlets or state, central agriculture university.

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  1. S
    sunny
    Nov 21, 2016 at 3:16 pm
    Unless Modi replace this 5.4 lakh crore with maximum 500/100 note immediately there will be major problem as most of the families smaller denomination is exhausted and nobody accept 2000 note if one purchase for 300. Now were ever we go we can see only 2000 note. Ordinary people 2000 is of not much use
    Reply
    1. J
      JM
      Nov 21, 2016 at 2:26 pm
      So what?
      Reply
      1. A
        Ashok Mazumdar
        Nov 21, 2016 at 1:31 pm
        What does it Mean.?
        Reply
        1. V
          Vihari Naidu
          Nov 21, 2016 at 1:21 pm
          But they are not letting people withdraw their own money, so liquidity is being sucked out leaving India anemic.
          Reply
          1. X
            xyz
            Nov 21, 2016 at 5:28 pm
            or eat cakes.
            Reply
            1. X
              xyz
              Nov 21, 2016 at 2:12 pm
              Modi govt will get all the 14 lakh crores rupees in 500 and 1000 notes. And that too without any tax being paid, forget fines. The way he is allowing to bring out black notes through 2.5 lakhs deposit for every person, 49,000 rupees in every jan dhan yojana, ries till March being paid in December with 500 rupee notes and now allowing farmers to buy fertiliser for the w year with 500 rupee notes.
              Reply
              1. X
                xyz
                Nov 21, 2016 at 2:07 pm
                You seem to be a non BJP non TDP Naidu
                Reply
                1. S
                  sochee
                  Nov 21, 2016 at 5:22 pm
                  Are you sure wherever one goes he sees only pink? I don't find pink notes anywhere around. Purchase groceries for two months and that will solve your problem.
                  Reply
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