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Have black money hoarders found a way out? Bank deposits touch Rs 9.9 lakh crore

Banks in the nation have gotten stores of Rs 500 and Rs 1,000 notes to the tune of about Rs 9.9 lakh crore until Saturday, as indicated by a report in The Times of India that refered to government information 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 an offer to control dark cash and cut off dread financing.

The administration has set a due date of December 30, to get stores of the old Rs 500 and Rs 1,000 notes. Which implies, with still about a month to go, at the present pace, the estimation of stores that the banks get is probably going to go up.

As per the information made open by the Reserve Bank of India (RBI) on November 28, the banks had gotten stores of Rs 8,11,033 crore from November 10 till November 27. As indicated by the previously mentioned report, that number now remains at Rs 9.85 lakh crore as of December 3.

Previous Finance Minister P Chidambaram said in his week by week section in The Indian Express that as indicated by his sources, the banks had officially gotten Rs 11 lakh crore in stores. A report by The Hindu additionally guaranteed a similar sum.

The legislature had assessed that Rs 3 lakh crore in dark cash would be wiped out by its demonetization drive. With the stores as yet developing at a quick pace, it is likely that this number may appear to be swelled at last. The report additionally said, refering to sources that there was a probability dark cash hoarders may have figured out how to change over their unlawful wage into bank stores.

With stores as Rs 500 and Rs 1,000 notes at 70% at present, the disputable move to expel dark cash from the economy “might be undermined if stores cross 90%”, The Hindu report said, citing anonymous financiers.

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