No official estimation of undeposited black money in scrapped Rs 500 and Rs 1,000 notes: Govt

The government doesn't have official estimation of black money held in scrapped notes that have been left undeposited with banks during the demonetisation period.

"There is no official estimation of the amount of black money in form of old Rs 500/1000 that have not been deposited during the course of demonetisation drive," Minister of State for Finance Santosh Kumar Gangwar said in a written reply in the Lok Sabha.

Cash deposits of more than Rs 5 lakh were made in 23.87 lakh accounts between November 8 and December 30, 2016 -- the period of demonetisation, he said. "Separate details of such deposits in old and new currency are not maintained," the minister added.

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Also, the cumulative deposits of more than Rs 25 lakh of all kinds were made in about 4.62 lakh loan accounts during the period, he added. To another question, Gangwar said the Reserve Bank has informed that no specific guideline directing public sector banks to keep their account books correct were issued by them.

Banks are required to prepare a balance sheet and profit and loss account as per the Banking Regulation Act, 1949. In another reply, the minister said the RBI has informed that it has not expressed its inability to supply notes to any bank nor refuse to give cash, and always endeavours to supply as much as is required consistent to its stocks.

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Regarding a question on One Time Settlement Scheme for MSME sector, he said State Bank of India has offered the scheme to its non-performing assets (as on March 31, 2016) with outstanding of above Rs 5 lakh and up to Rs 5 crore and Advances under Collection Accounts with outstanding ranging from Rs 10 lakh and Rs 5 crore, in manufacturing, trade and services.

"SBI has received 2,772 applications, out of which 2,703 applications have been approved by the bank," said Gangwar.