Junked notes deposit data to be revealed after June: RBI

RBI Deputy Governor R Gandhi said post demonetisation RBI has pumped in Rs 9.92 lakh crore worth currency notes into circulation.

By: PTI | Mumbai | Published: February 8, 2017 7:51 pm
Demonetisation, old notes, note ban, fine on holding old notes, note ban, currency ban, 500 note ban, 1000 note ban, indian express, lok sabha, india news Police found Rs. 10 lakh in banned Rs 500 and Rs 1000 notes from the vehicle. (Source: File)

Over a month after the end of 50-day demonetisation period, the RBI today said it is reconciling data on junked 500 and 1,000 rupee notes with physical cash and the “final numbers” will be divulged after June 30, the day when all windows for depositing old notes will be closed.

Following the shock demonetisation announcement on November 8, the government had asked people to deposit old notes in banks by December 30. Indians who were abroad during November 9 to December 30 have been given a 3-month grace period till March 31 to deposit the junked notes, while for the NRIs, it is 6 months till June 30.

RBI Deputy Governor S S Mundra said the final numbers can only be revealed after counting the notes deposited in cooperative banks, receipt of information from Nepal and Bhutan and close of the window for deposit of notes by NRIs.

“After adding all these, we will give out the number (of notes deposited). But the final numbers and piece to piece verification of the huge volume of currency that has come in will take time. That we will come out in due course,” he told reporters here.

“The window (for NRIs) is open till June 30 in which people can deposit cash. And after adding all these, we will give out the number,” Mundra said.

Indian currency is accepted for transactions in Nepal and Bhutan. Post demonetisation, both Nepal Rashtra Bank and Royal Monetary Authority of Bhutan were in touch with the RBI regarding facilitation of collection and deposit of old notes of Rs 500 and Rs 1000 that are already in stock of the Central Banks.

“The work is on regarding number. There are 4,000 currency chests in the country. RBI keeps currency in 19 places. After December 30 when we had asked all banks to calculate, then RBI team also did central checking. That procedure is over. Reconciliation is going on with regard to physical cash. We hope this this will get over in sometime,” Mundra said.

RBI Deputy Governor R Gandhi said post demonetisation RBI has pumped in Rs 9.92 lakh crore worth currency notes into circulation. It was estimated that Rs 15.45 lakh crore worth old notes accounting for 86 per cent of old 500 and 1000 rupee notes was in circulation before demonetisation.

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  1. A
    Ash
    Feb 8, 2017 at 2:25 pm
    Why is RBI hiding the data about money returned?Surely it doest take over a month to add up what has been deposited in Banks.We are living in the computer age,or aren't we?lt;br/gt;Another instance of transparency.Bring back Rajan.
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    1. A
      ASIT DESAI
      Feb 8, 2017 at 9:05 pm
      It is now getting fable like. So, what are the numbers now, they can be polished and pruned later but surely India needs to know what such a mive exercise led to - even if numbers are 90% accurate ??
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        Indian.engineer
        Feb 9, 2017 at 12:03 pm
        RBI will reveal final figures on money received back in account after demonetization on June 30. This isn't a joke, this is what RBI Deputy Governor S S Mundra. RBI hasn't reduced interest rates in two policy meetings after demonetization. This itself is sufficient proof that the demonetization move has failed. It has failed on economic front but its political failure will be proved if BJP faces loss in UP Elections. In Punjab, they may get one seat but they will shrug it off as a small state.
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          Truth
          Feb 9, 2017 at 5:26 am
          After Raghuram's exit the RBI and its Monetary Policy is in a mess under the present Clown (Urjit Patel) and his master the PM....together they have decided to keep mum on their failure and are hoping that with time everything will be forgotten !
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          1. T
            Truth
            Feb 8, 2017 at 4:02 pm
            PM has asked his peon to shut up and bide his time !
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