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Demonetisation: Banks Receive Rs 5.44 Lakh Crore In Old Currency
Demonetisation: Banks Receive Rs 5.44 Lakh Crore In Old Currency

People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till 18 November following demonetisation of the higher denomination currency.

The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between 10 November and 18 November, the Reserve Bank said in a statement.

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Consequent to the announcement of withdrawal of legal tender status of banknotes of Rs 500 and Rs 1000 denominations from the midnight of November 8, 2016, the RBI had made arrangements for exchange and/or deposit of such notes.

The facility was available at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.

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“Banks have since reported that such exchange/deposits effected from 10 November, 2016 up to 18 November, 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“They have also reported that the public have withdrawn, during this period, Rs 1,03,316 crore from their accounts either over the counter or through ATMs,” the statement said.

Long queues were witnessed on 10 November, the day on which banks opened after after announcement of demonetisation, as people thronged banks and post offices to exchange and deposit invalid currency notes.

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People also queued up at ATMs for cash withdrawal.

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