India may have deposited 97 percent of defunct notes to curb black money
New Delhi,Jan5: Almost all the high-value bank notes that ceased to be legal tender post the demonetisation announcement on November 8 have returned to the banks dealing a blow to Prime Minister Narendra Modi’s surprise move to unearth black money in circulation, Bloomberg reported on Wednesday.
About 97 percent of the Rs 500 and Rs 1,000 in circulation until November 8 have been deposited back, the report said quoting “people with knowledge of the matter”.
According to the report, banks have disbursed about 8 trillion rupees in new currency bills. The figures of bank notes deposited are provisional and may change.