Home Economy Demonetisation: RBI says still verifying returned notes

Demonetisation: RBI says still verifying returned notes

The Reserve Bank of India has said that the Rs 500 and Rs 1000 notes returned to banks after demonetisation last year are still being ‘processed in all earnest’ through every available sophisticated currency verification system in double shifts.

Almost an year after demonetisation, RBI said that it has processed only about 1,134 crore pieces of Rs 500 notes, having value of Rs 5.67 lakh crore. While 524.90 crore pieces of junked Rs 1,000 notes, valued at Rs 5.24 lakh crore, have been processed. The combined value coming at Rs 10.91 lakh crore.

The Reserve Bank of India (RBI) said this in reply to an Right to Information query filed by a PTI correspondent, that wanted details of demonetised notes counted so far.

In its annual report for 2016-17 released on August 30, the RBI 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. Hence, notes worth over Rs 4 lakh crore are yet to be verified with less than 10 days to go to for 1st anniversary of note ban.

On any deadline for completing the counting exercise, the central bank said, “The verification of notes withdrawn from the circulation is an ongoing process”.

According to the PTI report, the RBI said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines were being used for counting of junked Rs 500 and Rs 1,000 notes that were deposited with various banks post demonetisation.

The notes deposited or collected, after the ban on November 8 last year, are being verified by RBI at its offices to establish the total number of currency bills returned and to weed out those that are fake.

Several opposition parties including the Congress and Mamata Banerjee’s TMC have announced that they would observe November 8, the first anniversary of demonetisation, as ‘Black Day’ and would hold protests across the country to highlight its “ill-effects” on the economy.

To counter the opposition protest, the ruling BJP has decided to observe the note ban anniversary as “anti- blackmoney day”.

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