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Expose ban anniversary: RBI says still verifying returned notes

Expose ban anniversary: RBI says still verifying returned notes

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Virtually a year after High Minister Narendra Modi announced demonetisation, the Rs 500 and Rs 1,000 bills returned to banks are still being “processed in all earnest” by plan of a complex currency verification plan, the RBI has acknowledged.

In acknowledge to an RTI interrogate, the central financial institution acknowledged it has processed about 1,134 crore objects of Rs 500 notes and 524.90 crore objects of Rs 1,000 junked notes, having face payment of Rs 5.sixty seven lakh crore and Rs 5.24 lakh crore respectively, as on September 30.

The mixed payment of the processed notes is Rs 10.ninety one lakh crore roughly, in accordance with the acknowledge.

“Specified Bank Notes are being processed in all earnest in double shift on all readily accessible machines (refined counting machines),” the Reserve Bank of India (RBI) acknowledged in acknowledge to the RTI interrogate filed by a PTI correspondent.

The central financial institution became requested to originate foremost substances of demonetised notes counted to this level.

Replying to a question on offering the closing date for finishing the counting disclose, it acknowledged, “The verification of notes withdrawn from the circulation is an ongoing job.”

The RBI acknowledged on the very least sixty six Sophisticated Forex Verification and Processing (CVP) machines had been being historical for counting of junked Rs 500 and Rs 1,000 notes that had been deposited with an excessive amount of banks post demonetisation.

The authorities had on November eight final year banned the usage of historical Rs 500 and Rs 1,000 notes and allowed the holders of these currency bills to deposit them with banks or disclose them at sure notified utilities.

The notes deposited or composed are being verified by the central financial institution at its offices to place the overall resolution of currency bills returned and to weed out folk that are faux.

Plenty of opposition parties including the Congress and Mamata Banerjee’s TMC possess announced that they would look November eight, the first anniversary of demonetisation, as ‘Gloomy Day’ and would retain protests all over the country to focus on its “ill-results” on the economic system.

To counter the opposition utter, the ruling BJP has determined to search the impress ban anniversary as “anti-blackmoney day”.

In its annual narrative for 2016-17 released on August 30, the RBI had acknowledged Rs 15.28 lakh crore, or 99 per cent of the demonetised Rs 500 and Rs 1,000 notes, possess returned to the banking plan.

In the annual narrative, which became for the year ended June 30, 2017, the central financial institution acknowledged most fascinating Rs 16,050 crore out of the Rs 15.Forty four lakh crore in historical excessive-denomination notes possess not returned.

As on November eight, 2016, there had been 1,716.5 crore objects of Rs 500 and 685.eight crore objects of Rs 1,000 notes in circulation, totalling Rs 15.Forty four lakh crore, it had acknowledged.

“Field to future corrections in conserving with verification job when achieved, the estimated payment of specified financial institution notes got as on June 30, 2017, is Rs 15.28 trillion,” RBI had acknowledged within the narrative.

While the erroneous currency notes made for a minuscule quantity, RBI post-demonetisation spent Rs 7,965 crore on printing unique Rs 500 and Rs 2,000 bills and notes of diverse denominations, extra than double the Rs three,421 crore spent within the outdated year, it acknowledged.

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