RBI still counts demonetised notes

New Delhi, Feb. 11: Even 15 months after banned high value notes returned to banks, the RBI said that `500 and `1,000 notes are 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 the completion of the process and reconciliation,” the RBI said in reply to an RTI application.

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 `15.28 trillion (`15.28 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, without specifying the location of such 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 RBI reply said.

The government had on November 8, 2016 banned the use of `500 and `1,000 notes.