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Cash amount over Rs 5.44 lakh crore deposited post demonetisation: RBI

News Agencies | Updated on: 10 February 2017, 1:39 IST

People have exchanged and deposited over Rs 5.44 lakh crore worth of scrapped Rs 500/Rs 1000 notes at different banks till 18 November following demonetisation of the higher denomination currency.

The banks also disbursed Rs 1,03,316 crore over the counter and via ATMs between 10 November and 18 November, the Reserve Bank said in a statement.

Also Read: Govt allows farmers to buy seeds with demonetised Rs 500 notes

After the announcement of the withdrawal of legal tender status of banknotes of Rs 500 and Rs 1000 denominations from 8 November midnight, the RBI had made arrangements for exchange and/or deposit of such notes.

The facility was available at the counters of the Reserve Bank and commercial banks, Regional Rural banks and Urban Cooperative Banks.

"Banks have since reported that such exchange/deposits effected from November 10, 2016 up to November 18, 2016 amounted to Rs 5,44,571 crore (exchange amounted to Rs 33,006 crore and deposits amounted to Rs 5,11,565 crore).

"They have also reported that the public have withdrawn, during this period, Rs 1,03,316 crore from their accounts either over the counter or through ATMs," the statement said.

Long queues were witnessed on 10 November, the day the banks opened after after the demonetisation announcement, as people thronged banks and post offices to exchange and deposit invalid currency notes.

People also queued up at ATMs for cash withdrawal.

Meanwhile, the government made several exceptions allowing people to use invalid currency notes for buying petrol/diesel, rail and air tickets, payment of public utilities, taxes and government hospitals.

Today, the government has allowed farmers to purchase seeds for the rabi crops using old Rs 500 notes from government outlets or state, central agriculture university.

First published: 21 November 2016, 4:25 IST