Demonetisation: Banks received Rs 12.44 lakh crore of banned Rs 500 and Rs 1000 notes so far

Banks have received Rs 12.44 lakh crore of old, high-value currency notes that were banneed by the government last month, RBI said on Tuesday.

The amount collected was received between Nov 10 to Dec 10, Reserve Bank of India Deputy Governor R Gandhi said in a media interaction.

After demonetisation, there have been reports of hoarding of new currency notes by unscrupulous elements at various bank branches across the country.

The Income-Tax Department is carrying out raids across the country on a regular basis since demonetisation to nab new currency hoarders and several people, both individuals as well as bank officials, have been booked so far for carrying out such illegal activities.

The government has said abolishment of these high denomination bank notes is intended to bring back unaccounted money into the system, curb fake currency circulation as well as to deter terror financing.

With Agency Inputs