Huge Deposits on Last Day of Demonetised Currency

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new-way-to-convert-black-toThe 50-day period for deposit of banned Rs 500 and Rs 1000 notes ended on December 30th, 2016. On the last day, A huge escalation in deposits could be seen in both the Telugu States.

About Rs 630 crore has been deposited in various banks of AP and Telangana on December 30th. In Hyderabad alone, The deposited amount touched Rs 330 crore-mark. As much as Rs 67 crore were deposited in five accounts of two bank. Whereas, 115 bank accounts received a deposit of Rs 1 crore or more.

In the 50-days window, Rs 1.48 lakh crore worth Rs 500 and Rs 1000 currency notes have been deposited in Telugu States.

People could still deposit old notes at select RBI Branches till March 31st upon submitting proper documentation. As the new ordinance passed by Union Cabinet, People having more than 10 defunct notes could face 4 years jail term and Rs 50,000 penalty.