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Almost 1 Year Later RBI Says, Demonetised Notes Are Still Being Processed

DIVYIA ASTHANA | 0
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| October 29 , 2017 , 17:28 IST

Nearly 1 year after the demonetisation of the then in use Rs 500 and Rs 1,000 currency notes was announced by Prime Minister Narendra Modi on November 8, 2016, Reserve Bank of India has revealed that all the demonetised notes returned are still being processed.

Responding to an RTI, the RBI said that as of September 30, around 1,134 crore pieces of Rs 500 notes worth a total of Rs 5.67 crore have been processed, while around 524.90 crore pieces of Rs 1,000 notes worth Rs 5.24 lakh crore have been processed, for a combined total value of Rs 10.91 lakh crore.

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"Specified Bank Notes are being processed in all earnest in double shift on all available machines (sophisticated counting machines)," said the Reserve Bank of India (RBI) in reply to an RTI query.  

Declining from providing a deadline for completing the processing of the demonetised notes, the RBI said, "The verification of notes withdrawn from the circulation is an ongoing process".

According to the RBI, around 66 Sophisticated Currency Verification and Processing (CVPS) machines were being used for counting of the demonetised Rs 500 and Rs 1,000 currency notes that were deposited with various banks by the public after demonetisation.

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The deposited notes are being verified by the Reserve Bank of India so as to ascertain the total number of currency bills returned and to identify the fake notes.

In the annual RBI report for 2016-17 released on August 30, the central bank had said that 99 percent of the demonetised currency notes had returned to the banking system.

On the one year anniversary of the demonetisation on November 8, Opposition parties are observing the day as 'Black Day' while the ruling BJP has said that they would mark the day as 'Anti-Black Money Day'.