SBI says Rs 53,000 cr deposited in banks since Thursday

State Bank of India said on Friday that banks have received deposits of worth Rs 53,000 crore since the government banned the circulation of high-value banknotes.

People started depositing Rs 500 and Rs 1,000 notes in banks across India on Thursday. 

Nearly 14 lakh crore are held in Rs 500 and Rs 1000 notes now — nearly 86 per cent of the economy by value. According to the SBI, about 3.7 per cent of this money has come back to banks by Friday.

People have the option of going to their banks and exchanging the old currency or depositing it.

 

Deposits above Rs 2.5 lakh will lead to scrutiny and the taxman may away 90% of that money in taxes and penalties if sources of income don’t match with deposits.