RBI GUV GETS 15 DAYS TO SUBMIT DATA ON OLD NOTES DEPOSITED
CommitteegivesRBIGuv15daystosubmitdataondepositsofinvalidatedcurrency
Reserve Bank of India (RBI) Governor Urjit Patel (pictured) on Wednesday appeared before a parliamentary panel for the second time and is understood to have said the deposited banned notes were still being counted. He was not in a position to give a figure of how muchhadreturnedtothesystemyet.The parliamentary standing committee on finance that will table the report on demonetisation in the monsoon session gave the RBI 15 days to submit data on deposits of banned ~500 and ~1,000 notes, besides counterfeit notes in circulation.
Lack of adequate machines and related infrastructure has delayed the counting of demonetised currency that has come back into the system, Reserve Bank of India (RBI) Governor Urjit Patel is learnt to have told a parliamentary panel on Wednesday.
During the meeting that lasted more than three hours, Urjit Patel, according to sources said that the central bank is yet to arrive at the final figure since counting was still in progress.
The parliamentary standing committee on finance, that will table the report on demonetisation in the monsoon session starting July 17, gave the RBI chief 15 days to submit data on deposits of invalidated ~500 and ~1,000 notes, besides counterfeit currency in circulation.
The RBI has cut staff holidays to complete the counting of currency which returned to the system after demonetisation, and has also ordered more machines to expedite the process, Patel told the panel, informed sources.
According to sources, the panel told Patel that since the RBI will have to close its accounts as on June 30 and prepare the balance sheet for 2016-17, it must be in a position to share the number.
“While the governor shared some data, he did not give exact figures and said that they are still being counted,” said a source.
The RBI transfers its surplus to the Union government every year that ends on June 30.
Appearing before the panel for the second time, Patel was accompanied by three deputy RBI governors —B P Kanungo, S S Mundra and N S Vishwanathan.