This is unbelievable. There's now over $223 billion (USD equiv)...

This is unbelievable.
There's now over $223 billion (USD equiv) in currency which is to be torn up in India; to replace it, you will need to go to a bank and they will deposit it for you, into your bank account. If you don't have a bank account, you'll be required to set one up.
The money circulating in the banking system therefore just got $223 billion larger!
This means the big notes people have been stashing under their beds have to be put back into the bank or they will lose them.
This is a huge boost to bank accounts and therefore huge boost to transactions.


https://www.washingtonpost.com/vide...712b38-a749-11e6-ba46-53db57f0e351_video.html