According to a report, the banks have already received deposits of Rs 9.9 lakh crore until December 3.
Banks in the country have received deposits of Rs 500 and Rs 1,000 notes to the tune of nearly Rs 9.9 lakh crore until Saturday, according to a report in The Times of India that cited government data as the source.
That is 70.4% of the Rs 14 lakh crore that was decommissioned by Prime Minister Narendra Modi on November 8, when he demonetized Rs 500 and Rs 1,000 notes in a bid to curb black money and cut off terror funding.
The government has set a deadline of December 30, to receive deposits of the old Rs 500 and Rs 1,000 notes. Which means, with still about a month to go, at the current pace, the value of deposits that the banks receive is likely to go up.
According to the data made public by the Reserve Bank of India (RBI) on November 28, the banks had received deposits of Rs 8,11,033 crore from November 10 till November 27. According to the aforementioned report, that number now stands at Rs 9.85 lakh crore as of December 3.
Former Finance Minister P Chidambaram said in his weekly column in The Indian Express that according to his sources, the banks had already received Rs 11 lakh crore in deposits. A report by The Hindu also claimed the same amount.
The government had estimated that Rs 3 lakh crore in black money would be wiped out by its demonetization drive. With the deposits still growing at a fast pace, it is likely that this number may seem inflated in the end. The report also said, citing sources that there was a possibility black money hoarders may have found a way to convert their illicit income into bank deposits.
With deposits in the form of Rs 500 and Rs 1,000 notes at 70% currently, the controversial move to remove black money from the economy "may be undermined if deposits cross 90%", The Hindu report said, quoting unnamed bankers.
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