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Thursday, April 19, 2018

Rs 14 Lakh Crore In Old Notes Back With Banks, Micro-Small Scale Industries Suffer Job Loss

The government is resigned to the prospect of only about Rs 75,000 crore in demonetised Rs 500 and Rs 1,000 notes not returning to the formal banking system, a top official said. When the decision to scrap these high-denomination notes was taken, the government had estimated that up to Rs 3 lakh crore or almost 20 per cent of the total value of demonetised currency would not return, and be available for spending once the liability is extinguished.