Demonetisaton: Over Rs 11 lakh cr deposits enter banking system till Nov 30, CNBC-TV18 says

Indian banks witnessed over Rs 11 lakh crore entering into the system till 30 November after the demonetisation exercise kicked off on 8 November, a CNBC-TV18 report said. In one fell swoop, the Modi government banned currency notes of Rs 500 and Rs 1,000 worth Rs 14 lakh crore from the economy, accounting for 86 percent of the total currencies available in the system. [caption id=“attachment_3121940” align=“alignleft” width=“380”]  Representational image. PTI[/caption] This means, Rs 11 lakh crore entering into the banking system till 30 November represents 80 percent of the total banned currencies. “With a nearly a month to go before the December 30 deadline for deposit of invalid currency notes expires, the revelation now raises questions whether the demonetisation drive can successfully target black money hoarders,” the report added. The development comes close on the heels of Reserve Bank of India earlier in the week saying that deposits to the tune of Rs 8.4 lakh crore were made till 27 November, the report said. Although the government’s demonetisation decision was welcomed by majority of the people across the country, the Centre, however, came under severe criticism from various political parties for not taking evasive measures to ease common man’s concerns. Especially, persisting cash shortages at banks and ATMs across the country has left people disappointed, who are facing utmost difficulties in carrying out their regular transactions. The government’s constant flip-flop on exchanging and depositing old cash notes in the bank branches, besides changing the limits on cash withdrawals has also created lot of confusion among the people.