Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
September 25, Monday 2017 8:50 PM       

       HEADLINES: Court to consider Kavya’s anticipatory bail plea later today                                              Lake encroachment: Chennithala demands prosecution of Thomas Chandy                                              Case against Jayarajan to close: Report submitted to vigilance director                                              Vallathol Award for Prabha Varma                                              No need of anticipatory bail for Kavya Madhavan: HC                                              Rajiv Mehrishi takes oath as CAG of India                                              Amit Shah slams Rahul for defending dynastic politics                                              Ram Rahim moves Punjab & Haryana HC challenging CBI court's rape case verdict                                              Merkel wins fourth term, hard right gains foothold in parliament                                              Former world’s ‘heaviest’ woman Eman Ahmed passes away                                              Afghan security forces kill 15 Taliban insurgents in Logar province                                              US expands travel ban, adds N Korea, Chad to the list                                              Sports Ministry recommends P V Sindhu for Padma Bhushan                                              I have been hitting sixes since childhood: Pandya                                              Bumrah, Bhuvi are best death bowlers around: Smith                                              Kaumudi Facebook
       BUSINESS Next Article: Govt to focus on water grid, highways-cum-airstrips: Gadkari  
       Using 'sophisticated' CVPS machines to tally demonetised notes, affirms RBI
 
         Posted on :00:41:30 Sep 11, 2017
   
A A
       Last edited on:00:41:30 Sep 11, 2017
         Tags: Using 'sophisticated' CVPS machines to tall
 

NEW DELHI: The Reserve Bank of India (RBI) has refuted reports of it not using 'counting machines' for tallying the total number of demonetised notes of Rs. 500 and Rs. 1,000 in any of its offices, saying that Currency Verification and Processing (CVPS) machines are being used by the central bank for checking the numerical accuracy and genuineness of the currency notes, including Specified Bank Notes (SBNs).

"It has been reported in a section of the press, quoting a reply to RTI application, that RBI was not using machines for counting Specified Bank Notes (SBNs). RBI actually uses sophisticated Currency Verification & Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs," said RBI in a statement.

"These machines are way superior to the note counting machines. With a view to augmenting processing capacity, RBI is using the available machines in two shifts and has been using some machines temporarily drawn from commercial banks after suitable modifications," the statement added.

The RBI further said that it is also exploring other options to further augment the processing capacity.

Earlier, it was reported that the central bank, in a reply to an RTI, had said 'counting machines' were "not being used" in RBI offices for the old scrapped notes.

It was also reported that the RBI had also refused to give the total number of personnel deployed for counting of the scrapped notes, saying compiling the information would "disproportionately divert" its resources.

The RBI, in its annual report, earlier this month highlighted that about 89 million notes of Rs. 1000 rupee currency did not come back to the system out of a total of 6700 million notes that were in the system as on November 8.

The apex banking system stated that only 1.3 percent of Rs. 1000 notes didn't return after the Centre's demonetisation exercise.

RBI, in its report, said that the cost of printing notes doubled to Rs. 7,965 crore in FY17 from Rs. 3,421 crore in FY16 on account of new currency printing after the note ban.

However, RBI said that it pumped in 2380 crore notes totalling Rs 5.54 lakh crore in the two months post demonetisation between November 9 and December 31.

On November 8 last year, the Prime Minister Narendra Modi-led government announced its demonetisation drive, wherein, currency denominations of Rs. 500 and Rs. 1,000 notes were stopped as legal tender.

A A
       BUSINESS
Next Article: Govt to focus on water grid, highways-cum-airstrips: Gadkari
 
 
BUSINESS HEADLINES
Sensex logs more losses, Nifty weakens  
Bajaj Finance witnessed a sharp rise in EMI card user base in 12 months  
NDTV shareholders approve sale of its auto e-commerce unit  
Brace yourself for currency shortage as banks to remain closed for four days  
Etihad Airways launches 'fly now pay later' scheme  
Fall in prices of select commodities  
Arvind Subramanian to continue as Chief Economic Advisor  
Note ban was a shake-up, achieved its main objectives: Jaitley  
Stressed assets core area of concern: Jaitley  
SBI launches FTSE SBI Bond Index series in London  
Sensex tanks 448 pts on global sell-off, falling rupee  
FinMin dispels concerns over high GST transition credit  
'Tax on fuel more important for a dry state like Gujarat'  
Tata battle: NCLAT grants shareholding waiver to Mistry  
Jaitley asks biz not to wait till last day to file GST returns  
"Distinct Person" under the GST Act is a recipe for inviting tax litigation  
Tata Technologies appoints JK Gupta as new Chief Financial Officer  
Nifty ends flat amid caution ahead of Fed meet  
Ministry of Tourism reports 11 pct growth in FTA in August  
Fuel prices may come down by Diwali: Pradhan  
GST on petrol, diesel requires wider discussion: Nitish  
Nifty ends at new peak 10,153, Sensex soars 151 pts  
Nifty scales fresh peak of 10,167.15, Sensex climbs 235 pts  
MiG eyes deal to supply military jets to Navy  
RBI likely to keep policy rate on hold till fiscal-end: Report  
 
Do you think protest against 'Ramaleela' is justified?
Yes
 
No
 
No Opinion
 
 
 
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