New Delhi: The Reserve Bank of India has said that banks have received Rs. 12.44 lakh crore in old Rs 500 and Rs 1000 currency notes as of Dec 10, since the ban was announced by the Centre on Nov 8.
“Specified Bank Notes (SBNs) of Rs. 500 and Rs. 1000 returned to RBI and Currency Chests amounted to Rs 12.44 lakh crore as of December 10, 2016,” Reserve Bank of India (RBI) Deputy Governor R Gandhi was quoted as saying by the bank website.
He also said during this period: “The banks have since the start of the programme on November 10, 2016 till December 10, 2016 issued notes valued at Rs. 4.61 lakh crore to the public over their counters and through their ATMs.”
The Centre on Nov 8 announced its move to ban old Rs. 500 and Rs.1000 currency notes.