Around 90 per cent of the scrapped Rs 500 and Rs 1000 are now returned back to the RBI. According to sources, the RBI has received nearly Rs 13.2 lakh crore of these notes out of the Rs 14.5 lakh crores.
Next expected step from the government is to track the black income kept in bank accounts. But according to tax and legal persons, this will take time. A smart guess by experts estimate that the black income may be between Rs 1 to 2.5 lakh crores.
To tap the black money stored in banks during demonetisation, government has provided an option for the income holders to pay 50% taxes and come clean. Response for this scheme is yet to known.
First estimate about the black income revealed under the scheme will be known only after March 31, 2017 which is the closing date of the scheme.
With the return of the scrapped notes, the first phase of demonetisation is over. In the next phase, the work is to be done by the tax department after scrutinizing the account information from banks.