Indian banks got about $ 170 b in old notes since demonetisation

Thursday, 8 December 2016 00:21 - - {{hitsCtrl.values.hits}}

Reuters: Indian banks have so far received roughly 11.5 trillion rupees in discontinued currency since the Government decided to abolish high value bank notes last month, RBI Deputy Governor R. Gandhi said on Wednesday.

Prime Minister Narendra Modi decided to scrap 500 rupee and 1,000 rupee banknotes on 8 November in a bid to flush out cash earned through illegal activities, or earned legally but never disclosed.

The scrapped notes in circulation as of 8 November were worth about 15.44 trillion rupees, according to Government data. The old notes can be deposited in bank accounts up until 30 December.