Rs 8.45 lakh crore worth old notes deposited, Rs 2.16 lakh crore disbursed: RBI

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People have exchanged and deposited about Rs 8.45 lakh crore worth of scrapped Rs 500/1,000 notes at different banks till November 27 following demonetisation of the high value currency.

The banks also disbursed over 2.16 lakh crore over the counter and via ATMs between November 10 and November 27, the Reserve Bank said in a statement.

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 Rs 8.45 lakh crore

Consequent to the announcement of withdrawal of legal tender status of Rs 500 and Rs 1,000 banknotes from the midnight of November 8, 2016, 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.

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“Banks have since reported that such exchange/deposits effected from November 10, 2016 up to November 27, 2016 amounted to Rs 8,44,982 crore,” the central bank said in a statement.

Of this, the exchange (of old Rs 500/1000 notes) amounted to Rs 33,948 crore and deposits amounted to Rs 8,11,033 crore.

Banks, RBI said, have also reported that the public have withdrawn Rs 2,16,617 crore from their accounts either over the counter or through ATMs.

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People have been queueing up at ATMs for cash withdrawal.

An account holder is allowed to withdraw Rs 24,000 a week, including ATM withdrawals. The daily withdrawal limit for ATM has been set at Rs 2,500 per day.

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