Amidst the Demonetisation breeze which has apparently swept the whole nation with its nuances,there is an air of positivity and optimism from the public’s end. With massive support from the public, Demonetisation is likely to sail smoothly through the process .
According to the data released by RBI, around 60% of the value of the demonetised notes (Rs 14 lakh crore), has already been accounted for.
The total amount of legal tender released since November 9 amounts to Rs 2,50,115 crore, which is around 18% of the value of the withdrawn notes. Of this, Rs 2,16,617 crore was withdrawn from banks and ATMs.
The government was expecting that the old notes worth Rs 3 lakh crore would not return to the banking system. It was believed that owing to this, RBI’s liabilities will decline and thus translate into windfall gains for the government. However, it is noteworthy to know that if the current pace of deposit continues, the value of the old notes coming back would rise up, and the windfall gains may not be realised.
Since November 8, when demonetisation announcement was made, an amount of Rs 8.11 lakh crore (57% of the total value of demonetised notes)deposits of the demonetised notes in banks has been recieved, notes worth Rs 33,498 crore (3%) have been exchanged.
Even as deposits surge, there have been reports that the printing of Rs 2,000 notes has been thwarted. This is the prime reason which has resulted in a drop in the legal tender being released by banks.
Between November 10 and 18, notes worth Rs 1.36 lakh crore were released by banks, but the value dropped to Rs 1.14 lakh crore between November 18 and 27. Around a week after the demonetisation announcement was made , reports of ceased printing of Rs 2,000 notes to generate more of the new Rs 500 notes, have flooded the market.
So far,so good. The move has garnered immense support . To top it , numbers are also being revealed by RBI to enhance the comprehensive understanding of the move.