97% of the scrapped notes are deposited with banks.

Nearly 97% of the demonetised Rs.500/- and Rs.1,000/- notes are deposited with banks, as on 31st December, 2016. Rs.15.44 lakh crore, representing 86% of all currency notes were declared invalid on November 8th. Out of these banned notes, Rs.14.97 currency notes are returned to the banks. Only 3% banned notes are not returned to the banks. This almost tallies with the estimation of economic experts that only 3% of black money is kept in the form of cash. This only shows that demonetisation of Rs.500/- and Rs.1,000/- notes has helped very little in abolishing black money.

[Source: Times of India dated 05.01.2017]