The government had expected that only Rs11-12 trillion will come back into the banking system by the end of the 30-December deadline. Photo: Pradeep Gaur/MintNew Delhi: With still roughly a month to go, almost three-fourth of the Rs500 and Rs1000 notes under circulation have been deposited into the banking system. Of the estimated Rs16 trillion in Rs500 and Rs1000 notes in circulation, more than Rs11.5 trillion has been deposited in the banking system so far, said people familiar with the development. Last month, Prime Minister Narendra Modi had announced old Rs500 and Rs1000 notes will cease to be legal tender with effect from 9 November. The government had expected that only Rs11-12 trillion will come back into the banking system by the end of the deadline.

Source: Mint December 03, 2016 14:30 UTC