Nearly A Year After Demonetisation, Reserve Bank Of India Is ‘Still Verifying Returned Notes’

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Almost a year after Prime Minister Narendra Modi announced demonetisation, the Reserve Bank of India said that the Rs 500 and Rs 1,000 bills returned to banks are still being “processed in all earnest” through a sophisticated currency verification system.

In reply to an RTI query, the central bank said it has processed about 1,134 crore pieces of Rs.500 notes and 524.90 crore pieces of Rs. 1,000 junked notes, having a face value of Rs. 5.67 lakh crore and Rs. 5.24 lakh crore respectively, as on September 30.

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The combined value of the processed notes is Rs. 10.91 lakh crore approximately, according to the reply. “Specified Bank Notes are being processed in all earnest in a double shift on all available machines (sophisticated counting machines),” the Reserve Bank of India (RBI) said in reply to the RTI query filed by a PTI correspondent. 

The central bank was asked to provide details of demonetised notes counted so far.

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Replying to a question on providing the deadline for completing the counting exercise, it said, “The verification of notes withdrawn from the circulation is an ongoing process”.

The RBI said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines were being used for counting of junked Rs 500 and Rs 1,000 notes that were deposited with various banks post demonetisation.

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