12.44 trillion rupees, 80 Per Cent of Money, Back In Indian Banks, Says RBI
The Indian Banks have received almost most of the money, that is 12.44 lakh crores or $184.24 billion or 12.44 trillion RS in old 500 and 1,000-rupee notes which was abolished last month on November 8, since the currency ban, the Reserve Bank of India said today.
Banks have issued 4.61 lakh crores in new currency to people over the counter and through ATMs.
The estimated currency is around 13 trillion should be deposited in the banks, the rest people would not deposit because of being afraid of being caught by the Income Tax and Running into court cases, they would either remain silent or throw away their money.
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Post demonetisation updates on the money love:
- The old notes deposited in banks, so far it is around 12.44 lakh crore, which is about 80 per cent of the 15.44 lakh crores that were circulating in 500 and 1,000 rupee notes.
- The RBI has printed some 1.7 billion new 500- and 2,000-rupee notes, which will replace the abolished notes, Gandhi said. That is a fraction of the 24 billion individual notes that were withdrawn.
- Economists say that total deposits are likely to reach about 13 to 13.5 lakh crores by the End of December.
- Demonetisation has created a huge cash shortage that has hit many aspects of the economy, from manufacturing to consumer demand especially in smaller cities.
- The central bank said today that it has, since the notes ban, printed about 1.7 billion new 500 and 2,000 rupee notes and 20.1 billion pieces of 10, 20, 50 and 100 rupee notes. A total 24 billion 500 and 1,000 rupee notes were withdrawn.
- The notes ban has led to a massive cash shortage that has hit many aspects of the economy, from manufacturing to consumer demand. According to experts, consumer spending makes up 55 per cent of India's economy, which has taken a hit as most people prefer cash payments over digital modes like debit or credit cards.
- The central bank said while it will continue to print and issue more new notes daily, people must not hoard the new notes they get from banks and must use them freely.
- It has asked banks to preserve CCTV recordings of operations at bank branches and currency chests since November 8 till December 30, to scrutinise depositors and help law enforcement agencies identify "illegal accumulation of new currency notes".
- There have been over 200 searches across the country for black money since the notes ban and crores have been found in new 2,000-rupee notes. Among those who have been booked are some bank officials.
- The government and the RBI have vowed strict action against those believed to be trying to deposit undeclared assets, including tougher scrutiny of all deposits of more than 250,000 rupees.
- The RBI on Tuesday also asked banks to keep all CCTV footage from Nov. 8, in another bid to scrutinize depositors.
- RBI Deputy Governor SS Mundra said that a central bank official arrested in Bengaluru for "unauthorised changing" of more than 1.50 crores in old 500 and 1,000 rupees notes was a junior official who had been "suspended" because "he was recorded to be present in a bank branch where some suspected transaction was happening".
- The RBI said that it has instructed the banks to conduct central data checking and take action against officials found involved in unlawful activities. "Banks have taken action against errant officials. Banks must investigate when the data is suspicious," said Mr Mundra.
- He denied reports that the RBI had issued a show-cause notice to Axis Bank and was planning to cancel its banking licence following allegations of malpractices in currency exchange at many of its branches.