COUNTING OF DEMONITIZED NOTES

BE/RBI/25/2017

DATA ON OLD NOTES DEPOSITED

The Parliamentary committee met here and have been given to understand that the old notes deposited are still under counting.

Mr. Urjit Patel, RBI Governor, who attended the meeting was not able to give an exact figure of how much had returned to the system as on date.  The Parliamentary standing committee which proposes to table its report on demonetization in the monsoon session gave RBI 15 days’ time to submit data on deposits of banned 500 and 1000 rupee currency notes in circulation.  Further,

1. It is learnt that inadequate machines and infrastructure has resulted in the delay in counting of the demonitized notes.
2. The Central bank is yet to arrive at the final figure and the counting was said to be still in progress.
3. RBI is said to have resorted to cutting of staff holidays to ensure that the process is completed early.  Also more machines have been ordered, to expedite the process.
4. The actual number is required to be released on priority, since RBI would be closing its books on 30th June and prepare its Balance Sheet for 2016-17 in which the figures should be reflected.  The surplus in RBI Balance Sheet will be transferred to the Government as at the end of 30th June every year.