Demonetisation Impact: Rs 32,631 Crores Deposited In Post Offices

People have deposited a staggering Rs 32,631 crore in nearly 1.55 lakh post offices across the country following demonetisation of Rs 500, Rs 1000 currency notes. The post offices have also exchanged about Rs 3,680 crore of old currency notes between November 10 and 24, Department of Posts Secretary B V Sudhakar said, PTI reports.

"From November 10 to November 24, we have exchanged 578 lakh notes of value of about Rs 3,680 crore. If you look at the deposits, 43.48 crore old Rs 500 and Rs 1000 notes were accepted as deposits, and their value is about Rs 32,631 crore," he said.

As many as 1.55 lakh post offices about 1.30 lakh in rural areas and the rest 25,000 in urban and semi-urban areas are playing a "prominent role" in the entire exercise, he added. During the same period, Rs 3,583 crore was withdrawn from post offices, Sudhakar said.

Following demonetisation of Rs 500 and Rs 1000 notes from midnight of November 8, people rushed to banks and post offices to deposit or exchange old currency notes. Old currency notes can be used for making deposits in small savings schemes. Those without postal savings accounts were also permitted to exchange the old notes up to a certain limit in the post offices by producing their identity cards.

A Post Office Savings Account offers interest of 4 percent per annum on an individual or joint accounts. Such accounts can be opened with an amount as low as Rs. 20.

The exchange of old currency notes over the counter at post offices ended on November 24. The old notes can be deposited in bank accounts until December 30.

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