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Banks received Rs 12.44 lakh of Old Currency
By: Tupaki Desk | 14 Dec 2016 7:20 AM GMT
Reserve Bank of India Deputy Governor R Gandhi announced that Banks have received Rs 12.44 lakh of scrapped Rs 500 and Rs 1000 notes by December 10th, 2016. Which means, At least 80% of the total Rs 15.44 lakh crore in Rs 500 and Rs 1000 notes that were in circulation till November 8th this year have been recovered so far.
Experts say, Anywhere between Rs 13 lakh crore to Rs 13.5 lakh crore reaches the currency chest. Tax Evaders willn't deposit the rest of the unaccounted amount fearing hefty penalty.
R Gandhi informs RBI has printed 1.7 billion new notes of Rs 500 and Rs 2000 denominations. This amounts to a fraction of 24 billion old notes that were abolished. How long will it take to replace all of the scrapped notes?
Meanwhile, RBI directed all the banks to maintain CCTV Footage since November 8th to scrutinize deposits.
Experts say, Anywhere between Rs 13 lakh crore to Rs 13.5 lakh crore reaches the currency chest. Tax Evaders willn't deposit the rest of the unaccounted amount fearing hefty penalty.
R Gandhi informs RBI has printed 1.7 billion new notes of Rs 500 and Rs 2000 denominations. This amounts to a fraction of 24 billion old notes that were abolished. How long will it take to replace all of the scrapped notes?
Meanwhile, RBI directed all the banks to maintain CCTV Footage since November 8th to scrutinize deposits.
