It has been more than one year since the demonetisation of old Rs 500 and Rs 1000 notes took place. However, the central bank is still busy processing the demonetised currency. The process is being conducted in an éxpedite manner’ as per the Reserve Bank of India (RBI). “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 Reserve Bank of India replied to a Right to Information (RTI) query filed by a journalist.

Addressing the question on the number of demonetised notes, the central bank said that the processing of specified notes was being conducted in an expedite manner and 59 sophisticated Currency Verification and Processing (CVPS) machines were being utilised for this purpose. The bank, however, did not specify the location of these 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 RTI reply added.

In November last year, PM Narendra Modi had announced the NDA government’s decision of banning Rs 500 and Rs 1000 notes in order to curb black money. Following this, the new Rs 500 and Rs 2000 notes were introduced by RBI. The central bank in its annual report of 2016-2017 released in August last year had pointed out that Rs 15,28 lakh crore, or 99 percent of the banned currency had returned to the banking system.  

For all the latest Business News, download NewsX App