Demonetisation: Nearly Rs 13 lakh crore back in the banking system, say sources

Nearly a month after Prime Minister Narendra Modi announced the government's demonetisation drive, close to Rs 13 lakh crore worth the-now-invalid currency notes has been deposited into the banking system, sources told CNBC-TV18.

The revised estimates of Finance Ministry and the Reserve Bank of India pegged derecognised currency — Rs 500 and Rs 1,000 notes —at about Rs 15. 5 lakh crore. The government had estimated the tender at around Rs 13-14 lakh crore earlier.

According to RBI, bank deposits stood at Rs 8.5 lakh crore on November 27 and Rs 5.4 lakh crore on November 18. CNBC-TV18’s queries to the RBI on the release of latest bank deposit numbers went unanswered.

Meanwhile, the government machinery has sprung to action in a bid to catch offenders. The Prime Minister’s Office has asked the Finance Ministry and RBI to submit a daily status report on banking activity. The Income Tax and Excise departments, Directorate of Revenue Intelligence and Enforcement Directorate are also ramping up investigations against possible offenders.Watch video for more...