Crores of people have been queuing up before banks all over the country either to Exchange or Deposit the cash in denominations of Rs 500 and Rs 1000.
In State Bank of India alone, Around Rs 60,000 crore was deposited in the past couple of days. While Rs 31,000 crore was received by SBI on Thursday, Around Rs 22,000 crore was deposited in it by Friday afternoon. In all the SBI branches in the country, About Rs 1,500 crore were exchanged with old currency in the past two days.
As per an estimate, Over Rs 2.5 lakh crore of cash in denominations of Rs 500 and Rs 1000 were deposited in the Government and Private banks already. Banks will be open on Sunday as well to serve the people in this crunch situation.
Government say old notes of Rs 500 and Rs 1000 denominations amount to Rs 14 lakh crore. We have to wait for December 31st to know how much of Black Money don't reach the banks.
In State Bank of India alone, Around Rs 60,000 crore was deposited in the past couple of days. While Rs 31,000 crore was received by SBI on Thursday, Around Rs 22,000 crore was deposited in it by Friday afternoon. In all the SBI branches in the country, About Rs 1,500 crore were exchanged with old currency in the past two days.
As per an estimate, Over Rs 2.5 lakh crore of cash in denominations of Rs 500 and Rs 1000 were deposited in the Government and Private banks already. Banks will be open on Sunday as well to serve the people in this crunch situation.
Government say old notes of Rs 500 and Rs 1000 denominations amount to Rs 14 lakh crore. We have to wait for December 31st to know how much of Black Money don't reach the banks.