Only Rs 75,000 cr in old notes still remains out of banking system: Report

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With about Rs 14 lakh crore in old Rs 500 and Rs 1000 currency being deposited with banks since November 8, 2016, only Rs 75,000 crore in demonetised currency remains to be out of the banking system, the Indian Express reported on Monday citing a top government official.
“We also now know for sure that another Rs 50,000 crore in old notes of Rs 500 and Rs 1,000 were already available with banks when Prime Minister Narendra Modi announced the decision to demonetise the high-denomination currency,” the official told The Indian Express.

As on November 8, of approximately Rs 17.50 lakh crore currency in circulation, the Rs 500 and Rs 1,000 notes made up about Rs 15.50 lakh crore, or 88 per cent of the total.

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