18 C
New Delhi
Friday 15 November 2019
Economy More than 60 machines being used for counting demonetised...

More than 60 machines being used for counting demonetised notes: RBI

-

- Advertisment -

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

Mumbai:At least 66 Sophisticated Currency Verification and Processing (CVPS) machines are being used for counting junked Rs 500 and Rs 1,000 notes that were deposited post demonetisation, the Reserve Bank of India (RBI) has said.

“As on date 59 CVPS are in operation in RBI for the purpose. In addition to this, seven CVPS available with commercial banks are also being used,” it said in response to the RTI application filed by a media correspondent.

The Reserve Bank of India did not disclose the leasing charges and said that the information sought was in the nature of commercial confidence and therefore exempt from disclosure under Section 8 (1) (d) of Right to Information (RTI) Act, 2005.

In Reserve bank offices, 59 CVPS machines are used and each machine is operated by a set of five persons under a supervisor who supervises a cluster of machines, the bank said.

“Besides, a number of other people are involved in forward and backward linkages of the processing,” it said.

The government had on November 8 last year banned the use of old Rs 500 and Rs 1,000 notes but allowed holders to deposit them with banks or use them with certain notified utilities. The notes deposited or collected are being counted by the central bank at its offices to establish the total number of currency returned and to weed out fake notes.

In its annual report for 2016-17 released on August 30, it had said Rs 15.28 lakh crore, or 99 per cent of the demonetised Rs 500 and Rs 1,000 notes, have returned to the banking system.

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.

“Subject to future corrections based on verification process when completed, the estimated value of specified bank notes received as on June 30, 2017, is Rs 15.28 trillion,” RBI had said in its annual report.

While the counterfeit currency notes made for a minuscule number, the RBI spent Rs 7,965 crore on printing new Rs 500 and Rs 2,000 and other denomination notes, more than double the Rs 3,421 crore spent in the previous year.

Leave a Reply

Opinion

Rafale: One Embarrassment, One Snub For Opposition

Supreme Court accepts Rahul Gandhi's apology for attributing to it his allegation, rejects the review petition challenging the Rafale verdict

Guru Nanak Jayanti: What First Sikh Guru Taught

While Guru Nanak urged people to 'nām japo, kirat karo, vand chhako', he stood for several values while he also fought various social evils

Muhammed Who Inconvenienced Muslims

Archaeologist KK Muhammed had earlier got on the nerves of the leftist intelligentsia for exposing their nexus with Islamic extremists

UCC Now, Rajnath Hints: Here’s How Modi Can Do It

Modi can argue in a manner to make UCC look secular and pro-Hindu at the same time, making a Muslim or Christian counterargument impossible

Tulasi: Two Stories, One Reason For Devotion

The Padma Purana, Devi Bhagavatam and Skanda Purana tell the story of Tulasi or Vrinda differently but the essence of devotion is a constant
- Advertisement -

Elsewhere

Ram temple construction trust bill in winter session

While the government wants to begin the work of trust formation for the Ram temple right away, some existing trusts are vying for the deal

Breast cancer increasingly affecting 25-30-year olds

Early detection and treatment can save you if you are afflicted by breast cancer; begin the test at home and then consult an expert (doctor)

BJP makes 13 rebel MLAs Karnataka by-poll candidates

By allowing the rebels to contest elections and yet keeping them disqualified, the Supreme Court had put an obligation on the Karnataka CM

Khattar Cabinet has oldest, youngest Chautala

Khattar Cabinet's average assets are worth Rs 17.42 crore, with the low of Anil Vij's Rs 1.17 crore and high of JP Dalal's Rs 76.75 crore

Rafale: One Embarrassment, One Snub For Opposition

Supreme Court accepts Rahul Gandhi's apology for attributing to it his allegation, rejects the review petition challenging the Rafale verdict

You might also likeRELATED
Recommended to you

For fearless journalism

%d bloggers like this: