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TOG NEWS

Demonetized notes being verified for genuineness & arithmetical accuracy: RBI
By TOG News Service
Feb 12, 2018

 TOG News Service, OMAN, FEB 12, 2018: THE Reserve Bank of India (RBI), in its capacity as the nodal agency for handling demonitzed currency notes of 500 and 1000 denomination, yesterday stated that it was still processing these notes for their arithmetical accuracy and genuineness, and their reconciliation is ongoing. It also stated that these activites were beig done expeditiously. It also stated that full information could only be shared once the process was complete. The RBI shared this information in its response to an RTI application.

 

With regard to the number of the demonetized notes, the RBI stated that the estimated value of specified bank notes received as on June 30, 2017 is Rs 15.28 trillion, adjusted for future corrections, if any, arising in the course of verification process. It further stated that 59 Currency Verification and Processing (CVPS) machines were in operation in RBI for such purpose. It further stated that eight CVPS machines available with commercial banks were also being used, and seven more CVPS machines on lease basis had been installed at regional offices of the RBI.

In its annual report for 2016-17 released on August 30, 2017, the RBI stated that Rs 15.28 lakh crore, or 99% of the demonetised notes, had returned to the banking system, and 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 stated.