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 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.
PTI
