5 Lakh Crore Deposited in Banks!

About 5.44 Lakh crores of rupees were deposited in Banks during this demonetization period. People started depositing/exchanging vigorously from the past 10 days as into mold their money to be valid. This is the count of deposition of banned 500 and 1000 rupees notes.

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As per reports, RBI gave a statement that banks have distributed over 1,03,316 crores through ATMs and at the deposition/exchange counters. They also have reported that Rs 5,44,571 crore were transacted via exchange and deposition from 10th to 18th of this month. Out of this amount, people exchanged about 33,006 crore and deposits were over 5,11,565 crore.

This is the count of scrapped money deposited/exchanges with a limit of 2000/2,500/4000,4,500 per day. If there wasn’t such limit or if the limit was a high number, one could imagine the heaps of cash that would have been dumped into banks.

Later to that, there were several exceptions and amendments to the demonetization process to ease emergency situations.