"This amount must have now increased to 12 lakh as it has been a fortnight since then," he said during Question Hour.
Responding to supplementaries, the Finance Minister said it was difficult to give an exact figure on the number of deposited defunct Rs 500 and Rs 1,000 notes.
"Every currency note has to be verified - whether it is genuine or fake. Then the genuine and fake notes have to be segregated. It is a very large exercise. It is difficult to tell now. Once the RBI completes the exercise, we will inform the House in details," he said.
"Due to the differences mentioned, the cost of notes varies from Rs 2.87 to Rs 3.09 per Rs 500 note (old or new) and from Rs 3.34 to Rs 3.77 for a Rs 1,000 note. The cost of the Rs 2,000 note is in the same range as that of the old Rs 1,000 note," he said.
The Minister also said that the net direct tax collection in December last year was Rs 1,40,824 crore compared to Rs 1,35,660 crore in December 2015.