Banks have received 14.97 trillion rupees ($220 billion) as of Dec.
30, the deadline for handing in the old bank notes, the people said,
asking not to be identified citing rules for speaking with the media.
The government had initially estimated about 5 trillion rupees of the
15.4 trillion rupees rendered worthless by the sudden move on Nov. 9 to
remain undeclared as it may have escaped the tax net illegally, known
locally as black money.
A full validation of the bank notes is a set
back for Modi who had been relying on this move to burnish his
administration's corruption fighting credentials and boost its
popularity ahead of key state elections. The anti-corruption measure has
dented economic growth and forced millions into lengthy bank queues,
although it remains broadly popular.
This either shows there really was negligibly-little "black money",
or that the true black money operators were sophisticated enough to
launder their cash into the "legit" system -- either way, Modi's
operation failed on its stated justifications. Of course, it still
succeeded as a raw-power move pushing people further into the digital