As per the statistics shared in the upper house of parliament recently, there were 17,165 million (volume) Rs500 notes and 6,858 million (volume) Rs1000 notes in circulation as of Nov 8th (before demonetisation measures were announced). Accordingly, the total amount of bank notes that were withdrawn from the system works out to 15.4trn [15.4 Lakh Crore] (US$225bn, ~11% of GDP) which is nearly 85% of the currency in circulation.
As per the RBI's press release, post the demonetisation measures announced, banks have reported that exchange/deposits of cancelled notes amounted to Rs8.45trn [Rs 8.45 Lakh Crore] during Nov 10th-27th.
We believe at least ~Rs10trn (65% of total) has already been mobilised in the 21 days, out of the 50-day window. Considering there is
still time to deposit cancelled bank notes (till Dec 30th).
