Note Ban: 90 per cent of scrapped notes back in system
New Delhi, Dec 28: Of the Rs 15.4 lakh crore worth of Rs 500 and Rs 1,000 notes that were scrapped as a resulted of PM Narendra Modi’s November 8 declaration, as much as Rs 14 lakh crore has been deposited in banks.
The value of scrapped currency exceeded the government’s expectation that as much as Rs 3 lakh crore will not be returned as this would be part of black money hoards.
This also means that expectation that RBI will be able to give a substantial dividend to the government will be belied.
While the value of deposits indicates that ways were found to deposit unaccounted money, the government expects to gain tax revenues from large deposits above the prescribed Rs 2.5 lakh per individual limit.