According to a report, the banks have already received deposits of Rs 9.9 lakh crore until December 3. The government has set a deadline of December 30, to receive deposits of the old Rs 500 and Rs 1,000 notes. According to the aforementioned report, that number now stands at Rs 9.85 lakh crore as of December 3. The government had estimated that Rs 3 lakh crore in black money would be wiped out by its demonetization drive. The report also said, citing sources that there was a possibility black money hoarders may have found a way to convert their illicit income into bank deposits.

Source: dna December 04, 2016 03:42 UTC