RBI still processing old notes

New Delhi Feb 11: The Government had announced demonetization of old notes on Nov 8, 2016, and 15 months have passed but still RBI is still counting the notes which were deposited in the banks.

The RBI had said that "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 RBI has revealed the above information in a reply to RTI filed. The Reserve bank has also said that "subject to future corrections if any, arising in the course of the verification process, the estimated value of specified bank notes received as on June 30, 2017, is Rs 15.28 trillion (lakh crore)".

Apex bank has also said that "As on date, 59 sophisticated Currency Verification and Processing (CVPS) machines are in operation in RBI for the purpose.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."