Demonetisation: 10% of the value of banned Rs 500 and Rs 1,000 notes replaced so far

Zee Media Bureau

New Delhi: Some 10 percent of the Rs 14,50,000 crore worth of now-demonetised Rs 500 and Rs 1,000 currency notes that were in circulation have been exchanged or withdrawn with banks till November 18, the Reserve Bank of India (RBI) said on Monday.

"Banks have since reported that such exchange/deposits effected from November 10 up to November 18, amounted to Rs 5,44,571 crore -- exchange amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore," the central bank said in a statement.
 
"They have also reported that the public have withdrawn, during this period, Rs 1,03,316 crore from their accounts either over the counter or through ATMs."

Customers are allowed to withdraw up to Rs 2,500 per day through ATMs and Rs 24,000 a week from their savings accounts at bank branches by issuing cheques and other such instruments.

"Consequent to the announcement of withdrawal of legal tender status of bank notes of Rs 500 and Rs 1000 denominations from midnight of November 8, RBI made arrangements for exchange/deposit of such notes at counters of the RBI, commercial banks, regional rural banks and urban cooperative banks," the statement added.

With Agency Inputs