Mumbai, Nov 21, 2016: Individuals have exchanged, deposited Rs 544,571 crore. Some 37 per cent of the Rs 14,50,000 crore value of now-demonetised Rs 500 and Rs 1,000 forex notes that have been in circulation have been exchanged or deposited with banks until November 18, the Reserve Bank of India (RBI) mentioned on Monday.
Individuals have exchanged, deposited Rs 544,571 crore.
“Consequent to the announcement of withdrawal of authorized tender standing of bank notes of Rs 500 and Rs 1000 denominations from midnight of November eight, RBI made preparations for trade/deposit of such notes at counters of the RBI, industrial banks, regional rural banks and concrete cooperative banks,” the central bank stated in a press release as Individuals have exchanged, deposited Rs 544,571 crore.
“Banks have since reported that such alternate/deposits effected from November 10 as much as November 18, amounted to Rs 5,44,571 crore — change amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore,” the assertion added when Individuals have exchanged, deposited Rs 544,571 crore.
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