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Rs. 1.7 Lakh Crore Unusual Deposits During Note-Ban Identified
August 16, 2017
According to a research paper uploaded on the Reserve Bank of India’s website, as much as Rs. 1.7 lakh crore was deposited in the banks during the demonetization movement. It said that while total excess deposits during the phase stood at Rs. 2.8 lakh crore to Rs. 4.3 lakh crore, unusual cash deposits in suspicions and “less-active” deposits stood at Rs. 1.6 lakh crore to Rs. 1.7 lakh crore.
The research paper that’s authored by Bhupal Singh, Manoranjan Dash, Rasmi Ranjan Behera, and Snehal Herwadkar, also said that Indian economy has been formalized lately especially with reforms such as Goods and Services Tax.
