The Reserve Bank of India said the Rs 500 and Rs 1000 bills returned to banks following November 8 demonetisation move last year, are still being “processed in all earnest”. In reply to an RTI query, the central bank said it has processed about 1134 Crore pieces of Rs 500 notes and 524.90 Crore pieces of Rs 1000 junked notes, as on September 30. It added that the combined value of the processed notes is Rs 10.91 Lakh Crore approximately. The RBI said that specified bank notes are being processed in “all earnest in double shift on all available machines.”
When asked the deadline for completion of the counting exercise, the bank said, “The verification of notes withdrawn from the circulation is an ongoing process.” It said that minimum 66 Sophisticated Currency Verification and Processing (CVPS) machines are currently under use for counting of the notes. Last year, Prime Minister Narendra Modi announced the decision to demonetise Rs 500 and Rs 1000 notes in circulation, calling it a step to curb the menace of corruption and black money. The government allowed holders of the currency bills to deposit them with banks or use them at certain notified utilities.
In its annual report for 2016-17, released in August 30, the RBI had said Rs 15.28 Lakh Crore, or 99 per cent of the cancelled currency notes were returned to the banking system. It added that only Rs 16,050 Crore out of the Rs 15.44 Lakh Crore were not returned. The RBI had said, “Subject to future corrections based on verification process when completed, the estimated value of specified bank notes received as on June 30, 2017, is Rs 15.28 trillion.”
