Note ban anniversary: RBI says still verifying returned notes
New Delhi: Practically a yr after Prime Minister Narendra Modi introduced demonetisation, the Rs 500 and Rs 1,000 payments returned to banks are nonetheless being “processed in all earnest” by a classy foreign money verification system, the RBI has stated.
In reply to an RTI question, the central financial institution stated it has processed about 1,134 crore items of Rs 500 notes and 524.90 crore items of Rs 1,000 junked notes, having face worth of Rs 5.67 lakh crore and Rs 5.24 lakh crore respectively, as on September 30.
The mixed worth of the processed notes is Rs 10.91 lakh crore roughly, in keeping with the reply.
“Specified Financial institution Notes are being processed in all earnest in double shift on all accessible machines (refined counting machines),” the Reserve Financial institution of India (RBI) stated in reply to the RTI question filed by a PTI correspondent.
The central financial institution was requested to supply particulars of demonetised notes counted to date.
Replying to a query on offering the deadline for finishing the counting train, it stated, “The verification of notes withdrawn from the circulation is an ongoing course of”.
The RBI stated at the least 66 Refined Foreign money Verification and Processing (CVPS) machines had been getting used for counting of junked Rs 500 and Rs 1,000 notes that had been deposited with numerous banks submit demonetisation.
The federal government had on November eight final yr banned using previous Rs 500 and Rs 1,000 notes and allowed the holders of those foreign money payments to deposit them with banks or use them at sure notified utilities.
The notes deposited or collected are being verified by the central financial institution at its workplaces to determine the overall variety of foreign money payments returned and to weed out these which might be faux.
A number of opposition events together with the Congress and Mamata Banerjee’s TMC have introduced that they might observe November eight, the primary anniversary of demonetisation, as ‘Black Day’ and would maintain protests throughout the nation to spotlight its “ill-effects” on the financial system.
To counter the opposition protest, the ruling BJP has determined to watch the word ban anniversary as “anti- blackmoney day”.
In its annual report for 2016-17 launched on August 30, the RBI had stated 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.
Within the annual report, which was for the yr ended June 30, 2017, the central financial institution stated solely Rs 16,050 crore out of the Rs 15.44 lakh crore in previous high-denomination notes haven’t returned.
As on November eight, 2016, there have been 1,716.5 crore items of Rs 500 and 685.eight crore items of Rs 1,000 notes in circulation, totalling Rs 15.44 lakh crore, it had stated.
“Topic to future corrections based mostly on verification course of when accomplished, the estimated worth of specified financial institution notes obtained as on June 30, 2017, is Rs 15.28 trillion,” RBI had stated within the report.
Whereas the counterfeit foreign money notes made for a minuscule quantity, RBI post-demonetisation spent Rs 7,965 crore on printing new Rs 500 and Rs 2,000 payments and notes of different denominations, greater than double the Rs three,421 crore spent within the earlier yr, it stated.