RBI today said it is squaring invalid currency with physical cash balance and will soon release a specific number, eliminating accounting errors/ possible double counts.
The Reserve Banks clarifies that the ban of old Rs 500/1,000 comes in justification with several reports estimating that over 95 per cent of the banned notes have been returned till the last date of returning the demonetized notes, December 30 2016.
“There had been various estimates on SBNs tendered in certain sections. We would like to clarify that the periodical SBN figures released by us were based on aggregation of accounting entries done at the large number of Currency Chests all over the country,” the RBI said
The Reserve Bank is believed to have received deposits close to Rs 15 lakh crore during the 50-day demonetization scheme that ended on December 30.
Although the RBI had asked all banks including cooperatives to report details of deposits of old Rs 500/1,000 notes to it after the close of banking hours; the Finance Ministry claims discrepancies in counting.
“RBI is taking all steps to complete the process expeditiously so as to release firm figures of SBNs received at an early date,” RBI clarified.
