Note ban anniversary: RBI says ‘still verifying’ returned notes

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

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 face value of Rs 5.67 lakh crore and Rs 5.24 lakh crore respectively, as on September 30.

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 double shift on all available machines (sophisticated counting machines),” the Reserve Bank of India (RBI) said in reply to the RTI query.

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

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to a question on providing the deadline for completing the counting exercise, it said, “The verification of notes withdrawn from the circulation is an ongoing process”.

(Agencies)

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