By the time the old 500 and 1000 Notes were demonetized, the public had the high denomination notes worth Rs 15.44 lakh crore. If we get to know the amount of money that was returned to banks till December 30th, we will come to know the money that Demonetization saved for the country.
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But then the exact figure will be revealed only after some months. People can still deposit these notes in the offices of the RBI till 31 March and non-resident Indians (NRIs) can do so until 30 June. Even though these can not be big amounts, they will definitely add up to the total.
In addition, people can declare their unaccounted wealth held in cash under the Pradhan Mantri Garib Kalyan Yojana till March 31st. These declarations will be predominantly in Old Notes. Close to correct figure will arrive in mid-April while the exact figure sometime in mid-July.
