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15 months after demonetisation, RBI still processing returned notes

RBI said in the report, for the year ended June 30, 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned

By: PTI | New Delhi | Updated: February 11, 2018 4:53 pm
note ban, demonetisation, RBI, old notes, Rs 500 old notes, Rs 1000 old notes, demonetised notes, business news, latest business news, indian express, indian express news RBI said in the report, for the year ended June 30, 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned (File)

The RBI has said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetised high-value currency 15 months ago, are still being “processed for their arithmetical accuracy and genuineness”. This is being done in an “expedited manner”, the central bank said.

“Specific bank notes are being processed for their arithmetical accuracy and genuineness and the reconciliation for the same is ongoing. This information can, therefore, be shared on completion of the process and reconciliation,” the RBI said in reply to an RTI application filed by a PTI correspondent.

To a query on the number of demonetised notes, it said, “subject to future corrections if any, arising in the course of the verification process, the estimated value of specified bank notes received as on June 30, 2017 is Rs 15.28 trillion (lakh crore)”.

Asked to provide the details of the deadline for finishing the counting of demonetised notes, the RBI said “specified bank notes are being processed in an expedited manner”. As on date, 59 sophisticated Currency Verification and Processing (CVPS) machines are in operation in RBI for the purpose, it said. The reply did not specify the location of the machines.

“Besides, eight CVPS machines available with commercial banks are also being used. In addition to this, seven more CVPS machines on lease basis have been installed at RBI regional offices,” the RTI reply said. The government had on November 8, 2016 banned the use of Rs 500 and Rs 1,000 notes and allowed the holders of these currency bills to deposit them with banks or use them at certain notified utilities.

In its annual report for 2016-17 released on August 30 last year, the RBI said Rs 15.28 lakh crore, or 99 per cent of the demonetised notes, had returned to the banking system. The central bank said in the report, for the year ended June 30, 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned.

As on November 8, 2016, there were 1,716.5 crore pieces of Rs 500 and 685.8 crore pieces of Rs 1,000 notes in circulation, totalling Rs 15.44 lakh crore, it had said.

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  1. Ashok Dhingra
    Feb 11, 2018 at 8:41 pm
    Modi and Jaitley have given clear instructions to RBI Governor not to disclose the figures of black money received by government . Otherwise, Urjit Patel will be shunted out.
    (5)(0)
    Reply
    1. J
      J Tharakan
      Feb 11, 2018 at 7:52 pm
      People who cannot complete even counting of notes in 15 months are going to save our economy?
      (48)(0)
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      1. p
        peekay25654@rediffmail.com
        Feb 11, 2018 at 4:07 pm
        who pay for all this losses India and we Indians suffered due to this mindless action of people who do not know the economy. who pay for printing the new notes. what they will do with the old notes. All the riches got their black and white money sitting in their home through agents and banks. but the poor were made to stand at ques at ATM and Banks and in the process killed more than 200. For this mindless action this Modi should be punished for murdering 200 people
        (81)(3)
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          (0)(0)
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          1. P
            Philip Andrews
            Feb 11, 2018 at 3:34 pm
            I suddenly realize that reading the news everyday, literally makes me want to throw up. How the he'll are we supposed to continue living our lives day in and day out in such miserable circumstances? There are still so many gullible citizens who just do not want to see the truth of what is happening. The Congress seduced citzens and the BJP rapes them... however whatever way the Governments treat the people, the result is the same. Either way, we as citizens are f ked.
            (20)(1)
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