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Withdrawn currency worth 23K Crore

I have read in newspapers, the withdrawn currency (500 and 1000 rupee note) is equivalent to 23K Crore Indian rupees. Obviously Government is to substitute it with new currency. But it's sure, 23K crore is not to return back to banks and government. Fearing income tax procedures, many are destroying notes and a good amount might be invested in foreign banks (I don't know if money equivalent to that dead money in Swizz is circulating in Indian markets, and how it's calculated). 

 

If so, how is Government going to fill that gap? Will those destroyed money be lost forever? Or any other provisions available as per Indian law to allow Indian government to print those notes and circulate (equivalent to that lost money value). My question may be a big blunder, yet I want to know, What's next????



Category: General Knowledge

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The Indan govt and the RBI which comes directly under the Central govt is fully equipped yo deal with the financial situation. A count is kept on every note printed and destroyed so they will balance out or release more depending on the demand.

Answered
Sandhya Rani So it means, even if people destroy the currency notes, government has the power to reprint that money and circulate. I read a similar post of writer Chetan Bhagat - Sandhya Rani - 5 years ago
usha manohar The old currency notes have no value but their numbers and other details are known to the RBI , thats what matters.Any note destroyed is a loss to the person concerned - usha manohar - 5 years ago


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The destroyed money is the loss to the person. The notes are printed keeping in track the demand and also to balance out the old notes that have been banned. 

 

Answered


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Yes, the destroyed money is  the loss to the person, RBI keeps a track of every money transaction.

Answered


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