Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2018        Go!    
 
 
May 24, Thursday 2018 5:38 AM       

       HEADLINES: Actor Vijayan Peringode dies                                              Efforts to resolve church dispute will continue, says Patriarch Bava                                              All party meet on May 25 in Kozhikode                                              Don't fall prey to Nipah-related rumours: Governor                                              Nipah virus outbreak: Suspended Gorakhpur doctor offers help                                              BJP MP Bandaru Dattatreya's son dies of heart attack                                              Kamal Haasan demands Sterlite industry to be shut                                              H D Kumaraswamy swears in as K'taka CM                                              Four Nepali woman journalists scale Mount Everest                                              Trump-Kim meeting set to take place on June 12: Pompeo                                              Corruption cases result of high treason case instituted against Musharraf: Sharif                                              Ode to ABD: When 360 degree was not geometry but joy                                              AFI names 51-member team for Asian Junior Athletics                                              'Tired' AB De Villiers retires from international cricket                                              Kaumudi Facebook
       BUSINESS Next Article: Union Budget has failed people of India: Chidambaram  
       15 months after note ban, RBI still processing returned notes
 
         Posted on :17:40:05 Feb 11, 2018
   
A A
       Last edited on:17:40:05 Feb 11, 2018
         Tags: Demonitisation, note ban, RBI processing old
 

NEW DELHI: The RBI has said that Rs. 500 and Rs. 1,000 notes, returned to banks when the government demonetised 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.

"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," the RBI said in reply to an RTI application filed by a PTI correspondent.

To a query on the number of demonetised notes, it 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.

The government had on November 8, 2016 banned the use of Rs. 500 and Rs. 1,000 notes and allowed the holders of these currency bills to deposit them with banks or use them at certain notified utilities.

In its annual report for 2016-17 released on August 30 last year, the RBI said Rs. 15.28 lakh crore, or 99 per cent of the demonetised notes, had returned to the banking system.

The central bank said in the report, for the year ended June 30, 2017, that only Rs. 16,050 crore of the Rs. 15.44 lakh crore in old high denomination notes had not returned.

As on November 8, 2016, there were 1,716.5 crore pieces of Rs. 500 and 685.8 crore pieces of Rs. 1,000 notes in circulation, totalling Rs. 15.44 lakh crore, it had said.

A A
       BUSINESS
Next Article: Union Budget has failed people of India: Chidambaram
 
 
BUSINESS HEADLINES
Rupee turbulence sharpens, plunges 38 paise to 68.42 a dollar  
Oil stocks under pressure; slip up to 8%  
Fuel price can be controlled by reducing VAT: Petrol dealers  
Fuel price hike: Centre to intervene, to hold talks with oil companies  
Sensex opens in green on value-buying, up 83 points  
Price of petrol touches Rs. 81 per litre in Thiruvananthapuram  
Sensex down 97 points, Nifty below 10,600  
Sensex up 126 points on Asian cues  
Date market sees decline in demand due to GST this Ramzan  
Fuel prices go up again  
India on path of development of tax collection, domestic capabilities  
Less oil production in OPEC affects fuel price: Pradhan  
Petrol, diesel touch all-time highs as oil companies hike rates  
PriceMap offers India's first product and price discovery platform for offline retail  
Birla Corporation, EBIDTA  
Despite challenging times, global business growth is on the rise, finds Epicor  
Despite challenging times, global business growth is on the rise: Epicor  
Sensex sinks 300 pts to close below 35k-mark  
Petrol, diesel prices skyrocket  
Horlicks creates a new Guinness World Record for making largest glass of milkshake  
April exports jump 5.17% to $25.91 bn, imports rise 4.6%  
Sensex tanks 239 pts in nervous trade  
Won't apply for top job at Bank of England: Raghuram Rajan  
Sensex climbs 122 pts in early trade  
Andhra FM to meet President over 15th Finance Commission's ToR tomorrow  
 
Will GST help decrease the petrol price?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy