RBI still counting the demonetized notes

Photo Credits: Live Mint

New Delhi: The RBI itself said that it is still counting the demonetized currency. It said that Rs 500 and Rs 1,000 notes, returned to banks when the government demonetized 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.

RBI said in a reply to a press agency,”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.”

It also 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.