State Bank of India report: A recent State Bank of India report has stated that the situation of the economy is likely to return back to normal by February end this year. The supply of cash will be optimum as per the report, as of now, the supply of cash is still meagre in many of the regions of the country.
State Bank of India report says economy’s condition will improve gradually
December 30 was the last date set for the deposits of the old notes, however, it was earlier said that those who are unable to deposit their old demonetised notes will be allowed to exchange them even after December 30 until March 31. However, the Reserve Bank of India has denied that recently as it is only allowing the NRIs who were abroad at the time of announcement to exchange the old notes.
Now that all the deposits have been made, the apex bank has said that the data regarding the total deposits made till date will be released soon after making the complete calculations.
“The RBI has already initiated this process and till this is completed any estimate may not indicate the actual numbers of the SBNs that have been returned…RBI is taking all steps to complete the process expeditiously so as to release firm figures of SBNs received at an early date.”
-Reserve Bank of India stated
RBI had asked all the commercial banks on the last day of the deposits to disclose the total data of the deposits of old notes made from November 8 until December 30.
SBI in its report has said that by the end of January 67 percent of the demonetised currency will be replaced by the new legitimate currency printed by the apex bank if the printing of new notes continues at the current pace.