HOME > BUSINESS > CURRENCY SWAP: 1 lakh cr done, 13 lakh cr to go?

CURRENCY SWAP: 1 lakh cr done, 13 lakh cr to go?

sbiThe country’s biggest bank State Bank of India saw nearly Rs 40,000 cr deposited by the public in its branches in the first two days of the ongoing currency swap.

A total of Rs 1,666 cr worth of notes were exchanged.

Under the ongoing currency swap, bank customers can get up to Rs 4,000 worth of new currency notes in exchange for old currency from banks and post offices.

Any extra money they need to convert has to be deposited. Once deposited, they can withdraw Rs 20,000 over two days.

Compared to the first day, there was a decline of 20% in the amount deposited in the second day (today).

However, the total cash exchanged increased on the second day to 943 cr from 723 cr on the first day.

SBI’s number — 40,000 cr — indicates that the total amount deposited by the public overall would be in the range of Rs 1 lakh cr.

According to the Reserve Bank of India, the total amount of money held in the form of 500 and 1000 rupee notes in circulation in India is around 14.2 lakh cr.

If we estimate the total amount of money deposited in the first two days as Rs 1 lakh cr, it would imply that about 7% of the total 500 and 1000 rupee notes have come back for exchange.

If, by the end of December, only 70% of the total notes outstanding comes back for exchange, that would mean that 30% of the money held in the form of 500 and 1000 rupee notes was black, and was destroyed by its owners.

However, if all 14.2 lakh cr worth of notes comes back into the banks for exchange, it would mean that either there was no black money that was held in the form of currency notes, or that the black money holders found effect ways of turning that money into ‘white’ money.

Follow ULTRA.news
GST to hurt some sectors, no rating changes now – Fitch Fitch Ratings said the new Goods and Services Tax regime will hurt the oil & gas, pop-and-mom retail and small and medium enterprise segments, while benefiting auto, cement and organised retail sectors.However, it said it won't revise it ratings due to this at this point. ...
Demonetization took India forward by 3 years – SBI The demonetization of currency notes late last year has doubled the number of card transactions and helped push India's payment digitisation by three years, State Bank of India said in a note."Even after seven months post demonetization, the transaction value is quite large ...
SBI clears SB Life IPO, to sell 80 mln shares State Bank of India said it had decided to conduct an initial public offer for some of its shares in its insurance subsidiary SB Life Insurance. BNP Paribas Cardif S.A. would also sell some of its shares in the offer.It said the offer would involve 8 crore shares.No valua...
Axis Bank says 8 NPA accounts fingered by RBI owes it Rs 5,283 cr Axis Bank said eight of the 12 big defaulters highlighted by the Reserve Bank of India in its June 15 circular owed over Rs 5,000 cr to the bank.The RBI had given a list of 12 large accounts which together owed about 25% of the total bad loans of Indian banks. The total bad l...
SBI cuts interest rates on bigger home loans State Bank of India, the largest Home Loan Provider in India has reduced interest rates of high value home loans.Home Loans above Rs. 75 lakhs will now be cheaper by one-tenth of a percentage from 15 June, 2017.The revised interest rates will be 8.55% p.a. for salari...
SBI raises Rs 15,000 cr in India’s largest QIP State Bank of India said it raised Rs 15,000 cr by selling its shares in a 'qualified institutional placement' or QIP, making it the largest such transaction in Indian share market history.QIP's usually involve selling shares exclusively to big institutions such as mutual fun...
SBI opens QIP at floor price of Rs 287.58 State Bank of India said its committee of directors for capital raising has decided to start receiving bids a qualified institutional placement of its shares with a floor price of Rs 287.58 per equity share."The Bank may offer a discount of not more than 5% to the Floor Pric...
Demonetization hits real estate builder prices, but not resale flats – report Demonetization of 500- and 1000-rupee notes hurt the real estate sector in North India, while its impact on the sector in South India was negligible, according to Magicbricks’ PropIndex for Jan-March 2017.The report, brought out by the eponymous real estate classifieds site, ...
SBI says free ATM transactions not withdrawn India's largest bank, State Bank of India, denied reports that it had scrapped the facility of providing free ATM transactions.SBI CIRCULARThe bank was responding to media reports that said that all transactions will be chargeable from now on.Under the Reserve Bank o...
Kapil Mishra to file FIR against Arvind Kejriwal Estranged Aam Aadmi Party leader Kapil Mishra said he will file a police complaint against Arvind Kejriwal today.The rebel AAP leader has accused the party supremo of taking bribes and acting like a dictator within the party."It is with a heavy heart that I am doing this,...
Supreme Court dismisses Center’s reasons for not appointing Lokpal The Supreme Court has dismissed the government of India's stand that it cannot appoint the Lokpal as there was no leader of the opposition.The court's decision came on a bunch of petitions seeking the appointment of a Lokpal is likely to lead to the first ever appointment...
Mayank Gandhi delivers scathing message to Arvind Kejriwal From the video message of Mayank GandhiFormer compatriot and head of Aam Aadmi Party Maharashtra, Mayank Gandhi has assailed Arvind Kejriwal in an acerbic letter that traces the AAP leader's rise and fall over the last five years.Gandhi, who left the organization after fou...
Glaucus questions stock price of Hong Kong-listed Fullshare Holdings Ltd Glaucus Research Group, a California-based short seller, said it was selling Hong Kong-listed developer Fullshare Holdings due to peculiar trading patterns seen in the stock's counter."Fullshare is supposedly a commercial and residential property developer, but this business ...
Reliance Jio helped India save Rs 18,000 cr, but rivals took the hit Free services from Reliance Jio, the telecom services arm of Reliance Industries, brought down the amount of money paid by telecom subscribers in India by about Rs 4,400 cr in just the last three months of 2016, an analysis of the sector data revealed.The numbers indicate tha...
There’s no Lokpal because there’s no opposition leader, says govt Lokpal act was passed after massive demonstrations in 2013The Prime Minister's office today said the government has not appointed a Lokpal at the center yet as there is no leader of the opposition in the Lok Sabha.According to the Lokpal and Lokayuktas Act passed in 2013...
Rs 1.7 lakh cr deposited via demonetization may not be withdrawn – SBI Monthly cash withdrawals for all banks | source:SBI ResearchThe Indian banking system is likely to get a permanent liquidity boost of Rs 1.7 lakh cr due to the demonetization of high-denomination bank notes, State Bank of India chief economic adviser said in a note to bank c...
Nearly a quarter of all food samples tested found fake or adulterated Food Adulteration and Testing in India, FY16Over one-fifth of all food samples tested in India's government labs in the last year were found to be fake or adulterated, according to numbers compiled from various state government food testing facilities by union government's d...
MP, Gujarat & Mumbai lead in taxing petrol & diesel With the financial year drawing to a close, Madhya Pradesh, Gujarat & Mumbai have emerged as the states where people pay the highest taxes on petrol and diesel, while Tamil Nadu was the state with the highest increase in rates this year.In Madhya Pradesh, people pay an ...
No exemption to Tamil Nadu on NEET: Health Minister Health Minister Faggan Singh Kulaste at an event in DelhiExemptions to the National Eligibility cum Entrance Test cannot be given to any place or zones inside India as a common entrance test is required under the law, Faggan Singh Kulaste, junior minister in charge of health...
SBI’s new minimum balance rule leaves OBC, UCO and PSB as only ‘free’ banks in Ind... SBI Chairman Arundhati BhattacharyaWith the country's largest bank, State Bank of India, refusing to rollback service charges for customers who do not maintain a minimum balance in their accounts, only Oriental Bank of Commerce, UCO Bank and Punjab & Sind Bank remain as ...
PNB, Corp Bank most aggressive in going after big debtors; SBI, BoB more relaxed Punjab National Bank, the third largest public sector bank in India, and smaller cousin Corporation Bank can teach bigger siblings like State Bank of India and Bank of Baroda a thing or two about going after big loan defaulters, an analysis of Reserve Bank of India data shows. ...
Indian Railways ticket refunds delayed due to demonetization rush Many people who booked railway tickets worth thousands of rupees during demonetization period and cancelled these tickets for refunds are yet to get their money back.According to Indian Railway sources, many of these people could end up waiting for 90 days or more to get thei...
90% of income tax refunds issued in 60 days, 1.5 lakh cr cleared Income Tax Building, DelhiThe government has cleared 98% of income tax refunds below Rs 50,000 in the current financial year, the finance ministry said.67% of the refunds were issued within one month of filing the return, and 90% were issued within 60 days, the ministry ...
Narada sting operation probe handed over to CBI The Calcutta High Court has handed over the investigation into the sting operation conducted by 'Narada News' to the Central Bureau of Investigation.The agency has been told to complete a preliminary investigation within 72 hours.The move follows complaints that the state...
NDA-ruled states lead in digitization of public distribution systems States ruled by the National Democratic Alliance have taken the lead in implementing digital ration shops with the introduction of electronic point of sale machines, while non-NDA states have lagged behind in introducing this crucial anti-pilferage measure, data obtained from the...