34.7 C
New Delhi
Friday 29 May 2020

Demonetisation: RBI still processing returned notes

Editorials

Reforms By Modi Run Into Tired Socialist Criticism

The motley group of right-thinking Indians in this socialist society should not only promote the reforms announced last week but also push every Indian government and political party towards better economics

In India

कसाब की पहचान करने वाले पहले गवाह हरिश्चंद्र का निधन

कामा अस्पताल के निकट हरिश्चंद्र को दो गोली लगी थी, जब 10 आतंकवादियों ने इस हमले को अंजाम दिया था, उन्होंने कसाब के साथी इस्माइल को अपने ऑफिस के बैग से मारा था

योगी सरकार 11.50 लाख प्रवासी श्रमिकों को उपलब्ध कराएगी रोजगार

योगी ने दूसरे राज्यों से उत्तर प्रदेश के 26 लाख प्रवासी श्रमिकों की घर वापसी कराई है, श्रमिकों और कामगारों को प्रदेश में ही रोजगार देने का वादा किया है

New Delhi: 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 30 June 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 8 November 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 30 August last year, the RBI said Rs 15.28 lakh crore, or 99% of the demonetised notes, had returned to the banking system.

The central bank said in the report, for the year ended 30 Jun 2017, that only Rs 16,050 crore of the Rs 15.44 lakh crore in old high denomination notes had not returned.

As on 8 November 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.

PTI

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

Articles

Tirupati: Where Protector Of Three Worlds Needs Protection

Tirupati temple authorities were considering the liquidation of land-assets and buildings donated by devotees to Lord Venkateswara to help tide over what the management called “COVID-19 related financial crisis” and an inability to pay staff salaries

আম্ফানের আঘাতে চূর্ণ মমতার আস্ফালন

গ্রামবাঙ্গালার বিস্তৃত অংশে শাসক দলের স্থানীয় আধিকারিকদের এতটাই প্রভাব এবং ক্ষমতা যে DBT সত্ত্বেও ভীতিপ্রদর্শন করে নিজেদের কাটমানি বা অংশটুকু তারা ক্ষেত্রবিশেষে আদায় করতে পারে

Paatal Lok: Antidote To Anti-Hindu Propaganda

A Family Man that upholds the Pakistani PoV on Kashmir or the ilk of Leila and Paatal Lok that defames Hinduism cannot be made if nationalist subscribers react wisely

News

योगी सरकार 11.50 लाख प्रवासी श्रमिकों को उपलब्ध कराएगी रोजगार

योगी ने दूसरे राज्यों से उत्तर प्रदेश के 26 लाख प्रवासी श्रमिकों की घर वापसी कराई है, श्रमिकों और कामगारों को प्रदेश में ही रोजगार देने का वादा किया है

For fearless journalism

%d bloggers like this: