Recalled bank notes, if stacked, would be 300 times the height of Mt Everest: Five facts

Rs 15 lakh crore is the amount that was purportedly withdrawn by the Narendra Modi government in the form of the now-recalled bank notes

By: Express Web Desk | New Delhi | Updated: November 24, 2016 10:59 am
old Rs 500 note, old Rs 1000 note, old bank note, demonetisation, cash crunch, reserve bank, black money, narendra modi, junked note, withdrawn bank note People exchange their old Rs 500 and 1000 notes at a SBI branch in New Delhi on Thursday. (PTI Photo by Kamal Singh)

Public and private-sector banks across the country are receiving massive amounts of junked bank notes in the form of Rs 500 and Rs 1000, that were demonetised by the government on November 8 in a bid to flush out black money. The government has set December 30 as the date till which people can exchange the old bills, that formed 86 per cent of the currency in circulation in the country. The government has maintained that even though the move was planned several months ago in conjunction with the Reserve Bank of India, it had to be kept a secret so as not to tip off black money hoarders. While the old bills have been replaced by new notes of Rs 500 and Rs 2000 with higher security features, there are many who wonder what happens to the junked notes, which are piling up at banks.

Five things to know about the junked notes:

* A Bloomberg report says as many as 23 billion notes, in denominations of Rs 500 and Rs 1000, are likely to be received by banks across India.

* If stacked one on top of the other, the currency notes would literally create a pile that would be 300 times as high as Mount Everest, the planet’s highest mountain range whose peak stands at 8,848 metres above sea level.

* The Bloomberg report quotes an official of the Reserve Bank of India saying the now-worthless notes could be destroyed by dumping in landfills or even turned into briquettes (combustible material used to start fires in industries and factories).

* Rs 15 lakh crore is the amount that was purportedly withdrawn by the Narendra Modi government in the form of the now-recalled bank notes. While the process to deposit the old bank notes is ongoing, multiple reports say Rs 6 lakh crore will be deposited in bank accounts. A major chunk of the money, estimated to be Rs 5 lakh crore, will remain undeclared as it could have been bought through illegitimate means.

* The Bloomberg report says the $27 billion global bank note industry is dominated by Asian countries with Europe coming in second and Africa-Middle East region in the third position. India, with a population of 1.25 billion people, reportedly accounts for 1.5% of the global industry with the Reserve Bank spending almost $400 million every year in the production of currency.

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  1. R
    Nov 24, 2016 at 10:36 am
    This shows that this has even done a big harm to environment. How many trees would be cut to produce enough paper to print such a huge stack of currency notes?
    1. D
      Nov 24, 2016 at 10:33 am
      Demonetzation has destro the corrupt empires of many people. Even slave Manmohan is speaking now during whose term lakhs of crores of money were looted. He led a govt which destro the India growth story. He himself is an accused in coal scam. NPAs,scams,policy paralyis,low GDP growth,high fiscal deficit are hks gifts to India. Lawda economist tha bhencho*.
      1. Bir Chilarai
        Nov 24, 2016 at 3:23 pm
        What is the point of this stupid story? 85% of Indians support demonetization. Why are the 15% trying so hard to change their mind? Is it because the number of people who use black money just coincidentally happens to be about 15%?
        1. S
          Nov 24, 2016 at 6:10 am
          Kadak Chai of this Chaiwala has put Indian economy to sleep. lt;br/gt;lt;br/gt;What is the use of stacking currency. The move has sucked out the liquidity out of the market. Only when money circulates in the economy can millions of poor people get their daily wages and food to eat. Now all money in banks and millions of Indians are hungry.
          1. M
            Nov 24, 2016 at 8:28 am
            bet, not even one of those notes came from any politician or the rich and famous !!!!
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