RBI still processing demonetized notes?; heres what it stated

RBI said Rs 15.28 lakh crore or 99 per cent of the demonetized notes had returned to the banking system

RBI still processing demonetized notes?; heres what it stated

In a starling revelation, the Reserve Bank of India has said that Rs 500 and Rs 1000 notes, returned to banks when the government demonetized high value currency 15 months ago, are still being processed for their arithmetical accuracy and genuineness.

The central bank said that the issue however is being expedited.

The RBI made this revelation to an an RTI application.

As on date, 59 sophisticated Currency Verification and Processing (CVPS) machines are in operation in RBI for the purpose, it said.

In its annual report for 2016-17 released on August 30 last year, the RBI said Rs 15.28 lakh crore or 99 per cent of the demonetized notes had returned to the banking system.

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