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15 months after demonetisation, RBI still processing returned notes

RBI 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 (File)

RBI 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 (File)

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.

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Credits: indianexpress.com

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