Some staggering figures are coming out after the Demonetization. It is said that between November 15 and December 25, 2016, 2.10 crore bank accounts were created and over Rs 3 lakh crore was deposited in them. In the total amount, 50000 Crore was cash deposit and 3 Lakh Crore was non-cash deposit.
These accounts are used for the conversion of the old legal tender. Government sources say that a huge proportion of extinguished cash has come back into the system is not a sign of failure but a testament to the policy’s success in formalizing the economy.
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