Odisha black money haul shoots up to Rs 270 crore
The bankers are having a tough time to keep count of the black money haul after the seizure of "unaccounted" cash in the wake of the Income Tax Department raid on an Odisha-based distillery group.
In its annual report released on Wednesday, the Reserve Bank of India (RBI) has revealed that 1.4 per cent of total Rs.1,000 notes worth Rs. 8,900 crore did not return to it as of March 2017. The RBI also said 632.6-crore pieces of Rs. 1,000 notes were in circulation in March 2016, of which 8.9 crore pieces didn’t come back to it.
On November 8 last year, Prime Minister Narendra Modi banned Rs. 500 and Rs. 1,000 notes with the aim to counter black money and counterfeit currency. The government gave a 50-day window till December 30 to deposit the old notes. For some categories of people, like NRIs, however, the deadline was June 30.
According to a reply given in Rajya Sabha on December 2 by the Minister of State for Finance Arjun Ram Meghwal, there were 1,716.5-crore pieces of Rs. 500 notes and 685.8-crore pieces of Rs. 1,000 notes in circulation worth Rs. 15.44-lakh crore.
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