The RBI has stated that nearly Rs 8.5 lakh crore of the total demonetised currency (estimated at Rs 14.18 lakh crore in March 2016), amounting to close to 60%, has been deposited and exchanged in banks in the first three weeks after demonetisation.
However, a comparison of the deposits made in the last 10 days to the previous period shows a slump. A total of Rs. 2.99 lakh crore was deposited in banks from November 19 to November 27, 40 per cent less compared to Rs. 5.11 lakh crore that was deposited during November 10 to November 19.
Withdrawal over the counter or through ATMs saw a slight increase in the second period, from Rs. 1.03 lakh crore to Rs.1.13 lakh crore. As of March 2016, the total value of notes in circulation was Rs.16.42 lakh crore, of which around Rs.14 lakh crore (86%) was in form of Rs.500 and Rs.1,000 notes.
“It’s been observed that over the counter exchange of the old currency notes of Rs. 500 and Rs. 1,000 denomination has shown a declining trend,” a government press release dated November 24 said. The over-the-counter-exchange data shows a decline from Rs. 3,667 crore exchanged between November 10 and 18 to Rs. 942 crore between November 19 and November 24, the day after which exchange was stopped.
