Demonetisation: RBI says $184 billion, 80% of old notes, back in banks

Reuters Mumbai, Maharashtra, India Dec 13, 2016, 10.54 PM(IST)

The RBI also asked banks to keep all CCTV footage from November 8 to scrutinise depositors. Photograph:( AFP )

Indian banks have so far taken back a total of 12.44 trillion rupees ($184.24 billion) in old 500- and 1,000-rupee notes that the government did away with last month, Reserve Bank of India Deputy Governor R Gandhi said Tuesday. 

The figure represents 80 per cent of the 15.44 trillion rupees in old notes that were in circulation before Prime Minister Narendra Modi them on November 8 in a bid to target "black money".

Analysts had earlier said that only about 13 trillion of the abolished notes would be deposited in banks as people with black money would be wary of coming under the scanner of tax authorities. 

People can turn in their old notes till December 31.

Reuters reported that Economists have said the total deposits can be between 13 trillion to 13,5 trillion rupees by the deadline. 

"The old notes of 500 and 1000 rupees which have been returned back to the Reserve Bank and the currency chest amounted to 12.44 trillion rupees as of Dec. 10, 2016," Gandhi said in a news briefing. 

Gandhi added that the RBI has printed some 1.7 billion new 500- and 2,000-rupee notes, to replace the abolished notes.The figure is a fraction of the 24 billion individual notes that were withdrawn. 

(WION with inputs from Reuters)