Banned currency notes News

The central bank had earlier estimated the value of old Rs 500 and Rs 1,000 notes received, as on June 30, 2017, at Rs 15.28 trillion.

9.72 lakh persons have deposited Rs 2.89 lakh crore in 13.33 lakh accounts post demonetisation, the I-T department said.

Talking about return of 99 percent of junked currency into banking system, Jaitley said that money has now been identified with its owner.

It also said that barring Rs 100, the detection of counterfeit notes increased across denominations - notably, Rs 500 and Rs 1,000 -- during the last fiscal.

The Reserve Bank revealed in its annual report for 2016-17 that Rs 15.28 lakh crore, or 99 percent of the Rs 15.44-lakh-crore scrapped currency notes, had come back to the central bank between the government’s demonetisation decision and June 30, 2017.  

Reserve Bank of India (RBI) on Wednesday modified cash deposits rules by  exempting KYC accounts from Rs 5,000 cap.

Deposit of banned Rs 500 and Rs 1,000 notes for amount exceeding Rs 5000 shall be made only once per account until December 30, the government said on Monday.

The government had after the shock demonetisation, given a 50-day window beginning November 10 for either depositing the 500 and 1000 rupee notes in circulation or exchanging them for new currency.

The banned currency notes will be destroyed by the Reserve Bank of India through a very interesting process. Know how.