90 per cent of scrapped notes back in system

December 28, 2016 08:31

Of the Rs 15.4 lakh crore worth of Rs 500 and Rs 1,000 notes that were scrapped as a resulted of PM Narendra Modi's November 8 declaration, as much as Rs 14 lakh crore has been deposited in banks.

The value of scrapped currency exceeded the government's expectation that as much as Rs 3 lakh crore will not be returned as this would be part of black money hoards.

This also means that expectation that RBI will be able to give a substantial dividend to the government will be belied.

While the value of deposits indicates that ways were found to deposit unaccounted money, the government expects to gain tax revenues from large deposits above the prescribed Rs 2.5 lakh per individual limit.

« Back to LIVE

TOP STORIES

Ashutosh Or SKY: Who Batted Best? Vote!

SKY was super so was Ashutosh Sharma!

He really brought it to us: Coetzee lauds Ashutosh

Mumbai Indians pacer Gerald Coetzee reserved high praise for Punjab Kings uncapped batter Ashutosh Sharma following his valiant effort in a losing cause in the ongoing edition of the Indian Premier League.

Fear In Alwar: BJP Will Change Constitution

In India elections are never fought in a straight line. It's fought on many issues, at many levels, with multiple emotions and with a bit of good luck, too. Sheela Bhatt reports from Rajasthan.

Mumbai Indians skipper Hardik Pandya handed hefty fine

Mumbai Indians skipper Hardik Pandya has been fined Rs 12 lakhs for his team maintaining a slow over rate during their thrilling nine-run victory over Punjab Kings in the Indian Premier League.

Voting underway in 21 states in Phase 1 of Lok Sabha polls

Polling for assembly elections in the north-eastern states of Arunachal Pradesh and Sikkim also started along with voting for the first phase of Lok Sabha elections on Friday morning.