Demonetisation: Banks get about Rs 8.45 lakh crore worth of scrapped notes, says RBI

Banks, RBI said, have also reported that the public have withdrawn Rs 2,16,617 crore from their accounts either over the counter or through ATMs.

By: PTI | Mumbai | Updated: November 28, 2016 10:51 pm
Haryana electricity, Haryana power, Haryana demonetisation impoact, demonetisation advantages, demonetisation impact, haryana poer supply, haryana news “Banks have since reported that such exchange/deposits effected from November 10, 2016 up to November 27, 2016 amounted to Rs 8,44,982 crore,” the central bank said in a statement. (Representational image)

People have exchanged and deposited about Rs 8.45 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 27 following demonetisation of the high value currency. The banks also disbursed over 2.16 lakh crore over the counter and via ATMs between November 10 and November 27, the Reserve Bank said in a statement.

Consequent to the announcement of withdrawal of legal tender status of Rs 500 and Rs 1,000 banknotes from the midnight of November 8, 2016, 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 27, 2016 amounted to Rs 8,44,982 crore,” the central bank said in a statement.

Of this, the exchange (of old Rs 500/1000 notes) amounted to Rs 33,948 crore and deposits amounted to Rs 8,11,033 crore. Banks, RBI said, have also reported that the public have withdrawn Rs 2,16,617 crore from their accounts either over the counter or through ATMs.

People have been queueing up at ATMs for cash withdrawal. An account holder is allowed to withdraw Rs 24,000 a week, including ATM withdrawals. The daily withdrawal limit for ATM has been set at Rs 2,500 per day.

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  1. K
    kris
    Nov 28, 2016 at 7:51 pm
    on the other hand people will now invest n companies instead of land
    Reply
    1. D
      Dash
      Nov 28, 2016 at 5:40 pm
      boost to savings,investment.money multilier effect will be there. low inflation,low EMIs,low interest rates,higher revenues,lower real estate and golf prices,more infra development. More people in banking system. A single shot has killed at least 20 problems.
      Reply
      1. B
        bhaskar
        Nov 29, 2016 at 7:16 am
        Even here in am Lakhs of Tea Garden workers will be paid their ry through their bank accounts
        Reply
        1. B
          bhaskar
          Nov 29, 2016 at 7:18 am
          Oh really ...please enlighten us the source of your excellent information
          Reply
          1. B
            Bobby Arora
            Nov 28, 2016 at 6:59 pm
            14 lkh cror was in circulation...8.5 lkh crore back in 20 days...30 days still left...a complete failure of demonetisation..no doubt govt bringing 50% window again ....but economy dead ..those hoping down in loan intrest should forget it as their will be no takers of loans in this dead economy where people have fear to use money other than impprtant item..flation can increase as supply cut to meet demand cut...next we see is job cut.........and at last 2% loss in gdp will be an underestimate as told by silent economic pandit.
            Reply
            1. H
              Harry Who
              Nov 29, 2016 at 2:13 am
              Very interesting!! Demonetisation has boosted socialism. Suddenly the black money has gone to the accounts of poor Indians holding Jan Dhan accounts!! And there is a boost in new Jan Dhan accounts in rural areas too. Mid term Modi has deposited amounts varying from 50k to 2.5 Lakhs into the accounts of poor Indians. He has partially met his election promise in 2.5 years. Recently I met a farmer from tribal region who helped convert black money at 40% commission and earned 7.5 lakh rupees. That was his claim and I have no reason not to believe him. I have also heard of unemplo waiting in the queue at the banks at rs 400 per day or rs 90 per hour. Demonetisation has provided employment to the unemplo.
              Reply
              1. H
                harun
                Nov 28, 2016 at 9:55 pm
                30 days yet to go.lt;br/gt;lt;br/gt;Off the 14.73 lakh crores in circulation 8.45 lakh crores are back.lt;br/gt;lt;br/gt;By the 30th it would have reached at least 10 lakh crore.lt;br/gt;lt;br/gt;The rest would have been destro or just reduced to Paper.lt;br/gt;lt;br/gt;A windfall of 33% of notes in circulation at the time of demonitisation.Reduced to waste.lt;br/gt;lt;br/gt;All that is the Money the State gets to use.lt;br/gt;lt;br/gt;You can pay up debt ,Use it to Improve roads,Build dams ,Improve drinking water supply.lt;br/gt;lt;br/gt;The Money should not be used to lend at low Interest rates in a environment of Low Demand which exsists due to poor cash supply.lt;br/gt;lt;br/gt;It will end up as NPA"s at the cost of Tax Payer.lt;br/gt;lt;br/gt;If Modi does use the Money to lend in the name of Credit ,he will End up as the PM who sucked the Indian Blood to feed Parasites(Defaulters).lt;br/gt;lt;br/gt;Wonder how many who are Giving thumbs Up to the demonitisation are aware of this.lt;br/gt;lt;br/gt;As it is over 123000 crores lend by PSU have been written off,but the Govt talks of a antibanruptcy law,A sham for sure.lt;br/gt;lt;br/gt;Were a Farmer who owes 5000 has his land seized and humiliated but those who owe 100s of 1000s of crores are let off.lt;br/gt;lt;br/gt;If Moddi fails to back this Up with Tax reforms ,He would have Pushed the Indian economy to Recession and Misery for the Poor who have supported the Move After decades of exploitation by the Middlemen.lt;br/gt;lt;br/gt;I pray Modi does not Miss this Oppurtunity for the sake of Mother India.Jai hind
                Reply
                1. J
                  Joseph
                  Nov 28, 2016 at 6:09 pm
                  Now Ambani, Adani, Tata, Birla, Mallya and Elite Cabal will have free hand to steal this money before 2019 Election.
                  Reply
                  1. J
                    jew
                    Nov 29, 2016 at 1:32 am
                    Currency with public 9 lac crores. 8.45 back now. lt;br/gt;So what was all these about!???lt;br/gt;Why are 4 lac people out of job and economy at standstill???lt;br/gt;The reason for scramble to get new amnesty scheme ped is clear now!lt;br/gt;Sad to see what some leaders would do just win an election.
                    Reply
                    1. L
                      LC
                      Nov 28, 2016 at 5:50 pm
                      After damaging the economy now damage the environment when you dispose of this mountain of notes.
                      Reply
                      1. M
                        Mohan
                        Nov 28, 2016 at 7:00 pm
                        If your father is a thief don't paint others in his light !
                        Reply
                        1. M
                          Mohan
                          Nov 28, 2016 at 7:01 pm
                          That would go to the paper mills for making card boards -- so lessser cutting of trees for wood pulp !
                          Reply
                          1. M
                            Modihatao
                            Nov 28, 2016 at 8:06 pm
                            Now Modi has 8.2 lakh crore more at his disposal to travel another 70 countries before his term ends. BJP politicians like Reddy who spent 500 crore on marriage of his daughter may spent 1000 crore next time. NDA politicians building Bullet proof toilets at he expense of Tax-Payers. Most of this will go in bad loans soon.
                            Reply
                            1. O
                              OmKar
                              Nov 28, 2016 at 7:43 pm
                              Romeo _ Jahadi allaince against this govt.
                              Reply
                              1. O
                                OmKar
                                Nov 28, 2016 at 7:40 pm
                                kujali, it hurts and sometimes pains. sorry bolly!
                                Reply
                                1. P
                                  Pia Rani
                                  Nov 28, 2016 at 7:15 pm
                                  I dont know from where u studied economics
                                  Reply
                                  1. P
                                    Pia Rani
                                    Nov 28, 2016 at 6:53 pm
                                    Now Again give loan to Ambanis Adanis mallyas so again they will become defaulter n after years again demonetize.
                                    Reply
                                    1. P
                                      Pia Rani
                                      Nov 28, 2016 at 7:05 pm
                                      Now See next huge crises in stock market. it will fall like messs..
                                      Reply
                                      1. S
                                        Shreyas
                                        Nov 28, 2016 at 9:48 pm
                                        So you are going to put 40 cr poor in jail. That is impossible. They will say these are earnings earned for entire life. They did not deposit because they don't trust banks. Now they are depositing because they are forced to due to such silly decisions.
                                        Reply
                                        1. S
                                          Shreyas
                                          Nov 28, 2016 at 9:50 pm
                                          There is a w lot of chemical processes, that will release huge carbon monoxide in the environment.
                                          Reply
                                          1. S
                                            Shreyas
                                            Nov 28, 2016 at 9:53 pm
                                            WOW! What a genius!! Time will tell.Already the CREDAI chief has said - home prices at lowest, no correction possible. Most builders are very well capitalized and the banks lend them more money with no problems. The banks get their commissions and bribes.
                                            Reply
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