Over Rs 11 lakh crore back into banking system: Sources

Over Rs 11 lakh crore has been brought into banking system till November 30, people close to the government’s demonetisation drive told CNBC-TV18. The government had declared as invalid Rs 500 and Rs 1,000 notes worth about Rs 14 lakh crore.With a nearly a month to go before the December 30 deadline for deposit of invalid currency notes expires, the revelation now raises questions whether the demonetisation drive can successfully target black money hoarders.Earlier in the week, the Reserve Bank of India had said that deposits worth Rs 8.4 lakh crore were made till November 27. Also, in a recent submission to the Supreme Court, the Attorney General had said that the government expects only Rs 10 lakh crore back as deposits.Jayati Ghosh, JNU Professor told CNBC-TV18 that it has been a cynical ploy that has affected citizens and it hasn’t had an effect as expected.

S Narayan, Former Finance Secretary, said demonetisation is a laudable idea but implementation could have been better.

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