Note ban anniversary: RBI says still verifying returned notes

Note ban anniversary: RBI says still verifying returned notes
RBI Governor Urjit Patel. Image Source: IANS
By PTI
Updated: Sun, Oct 29, 2017
06:28 pm
PTI
RELATED NEWS
Where is Black Money? Report reveals this location, two years after demonetisation Where is Black Money? Report reveals this location, two years after demonetisation
India needs more currency, says source, reveals why India needs more currency, says source, reveals why
Rs 2000 note printing stopped? Will it remain valid? Here's government's response Rs 2000 note printing stopped? Will it remain valid? Here's government's response

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 filed by a

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)