Indians might have deposited 97% of notes banned to curb graft economictimes.indiatimes.com

A full validation of banned notes is a set back for Modi govt who had been relying on this move to burnish his administrations corruption fighting credentials. 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.