Rs 5.44 Lakh crore scrapped notes deposited by citizens in banks: RBI

Photo of banned Indian currency notes of Rs 500 and Rs 1,000.

Mumbai: The Reserve Bank of India claimed that people throughout the country have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 18th following demonetisation of the higher denomination currency announced by the government.

According to statement from RBI side, the banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between November 10 and November 18th.

The RBI had made arrangements for exchange and/or deposit of such notes after the government made announcement of withdrawal of legal tender status of banknotes of Rs 500 and Rs 1000 denominations from November 8th midnight.

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Exchanging and depositing facility on notes was available at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.

“Banks have since reported that such exchange/deposits effected from November 10, 2016 up to November 18, 2016 amounted to Rs 5,44,571 crore (exchange amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore).

“They have also reported that the public have withdrawn, during this period, Rs 1,03,316 crore from their accounts either over the counter or through ATMs,” the statement said.

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Till November 10th long queues were witnessed outside banks and ATMs, the day on which banks opened after announcement of demonetisation, after people rushed to deposit and exchange invalid currency notes at banks and post offices.

Long queues were also witnessed outside ATMs as people lined up to withdraw cash.

On other hand, government made several exceptions allowing people to use invalid currency notes for buying petrol/diesel, rail and air tickets, payment of public utilities, taxes and government hospitals.

The government also allowed farmers to purchase seeds for the rabi crops using old Rs 500 notes from central agriculture university, government outlets or state.

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