Since the ban of the 500- and 1,000- rupee notes in India — an estimated value of $220 billion — roughly 86 percent of the country’s currency, $80 billion, has been returned to banks so far. Banks in India have thus far dispersed $15 billion in new notes.
Taking the notes out of circulation may knock as much as one percentage point off economic growth in the current fiscal year. Deposits of more than 250,000 rupees will get the attention of tax officials.
Here are the numbers:
500, 1,000 | Rupee notes that were banned in India earlier this month
$220 billion | Estimated value of the volume of 500- and 1,000-rupee notes in circulation
$80 billion | Amount of notes returned to Indian banks so far
$15 billion | Amount of new 500- and 2,000-rupee notes Indian banks have disseminated
1 | Percentage point that could be knocked off India’s economic growth this fiscal year as a result
250,000 INR | Depositing over this amount in rupees ($3,656) is said to draw the attention of Indian tax officials