 "RBI wants more time to tally old notes")
The Reserve Bank of India (RBI) again wouldn’t divulge details about how much in demonetised currency had been deposited with banks after the general window closed on December 30 to give in all old Rs 500 and Rs 1,000 notes.
Deputy governor S S Mundra said the cash received was still being checked with the accounts. A window to deposit old notes was still open at RBI. Cooperative banks were also collecting the old notes. “There are 4,000 currency chests in the country. RBI also keeps currency. There is transfer of currency between these chests and RBI,” Mundra said.
“The physical cash from accounts is being verified. This will be over in some time.”
RBI has, say reports, not fully accepted the cash deposited in cooperative banks. The National Bank for Agriculture and Rural Development, in which RBI has an account for cooperative banks, is working on that issue.
Also, some notes are in Nepal and Bhutan and will also have to be added.
“Looking at all these things, a final verification will take time,” said Mundra.
The last official figure available was till December 10, about Rs 12.4 lakh crore of old notes were deposited, according to a press briefing of RBI deputy governor R Gandhi.
The government on November 8 scrapped Rs 15.44 lakh crore in Rs 500 and Rs 1,000 notes.
Gandhi on Wednesday said as on January 27, RBI had remonetised Rs 9.92 lakh crore.
Deputy governor S S Mundra said the cash received was still being checked with the accounts. A window to deposit old notes was still open at RBI. Cooperative banks were also collecting the old notes. “There are 4,000 currency chests in the country. RBI also keeps currency. There is transfer of currency between these chests and RBI,” Mundra said.
“The physical cash from accounts is being verified. This will be over in some time.”
RBI has, say reports, not fully accepted the cash deposited in cooperative banks. The National Bank for Agriculture and Rural Development, in which RBI has an account for cooperative banks, is working on that issue.
Also, some notes are in Nepal and Bhutan and will also have to be added.
“Looking at all these things, a final verification will take time,” said Mundra.
The last official figure available was till December 10, about Rs 12.4 lakh crore of old notes were deposited, according to a press briefing of RBI deputy governor R Gandhi.
The government on November 8 scrapped Rs 15.44 lakh crore in Rs 500 and Rs 1,000 notes.
Gandhi on Wednesday said as on January 27, RBI had remonetised Rs 9.92 lakh crore.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%