Rs 13 lakh crore in old notes deposited in banks post demonetisation, says Govt

The government on Thursday informed the Supreme Court that Indian banks have received Rs 13 lakh crore old notes in cash deposits after the demonetisation announcement on November 8.

An estimated amount of Rs 14.18 lakh crore was pulled out of the economy when PM Modi decided to withdraw Rs 500 and Rs 1,000 notes last month.

It would appear as though close to or a little over 91% of old currency has made its way back to the banking system.

On December 7, the Reserve Bank of India (RBI), while announcing the monetary policy said that Rs 11.85 lakh crore has been deposited in banks.