1. Why is it taking RBI so much time to count demonetised notes? Here are reasons governor Urjit Patel gave

Why is it taking RBI so much time to count demonetised notes? Here are reasons governor Urjit Patel gave

Urjit Patel has revealed reasons for the long-delay in the announcement of the number of high-value notes which returned to the system post demonetisation.

By: | New Delhi | Published: July 13, 2017 1:12 PM
urjit patel, counting of notes, counting of old notes, demonetisation, urjit patel notes demonetisatio, rbi, reserve bank of india, rbi urjit patel Patel, speaking to Parliamentary Standing Committee of Finance, revealed that counting of the notes is still on and the information will be provided at the earliest.

Reserve Bank Of India (RBI) Governer Urjit Patel has revealed reasons for the long-delay in the announcement of the number of high-value notes which returned to the system post demonetisation. Patel, speaking to Parliamentary Standing Committee of Finance, revealed that counting of the notes is still on and the information will be provided at the earliest. The central bank chief said that RBI employees are working round-the-clock for the same and have even have been forced to cut their holidays. The statement came when members of Standing Committee reportedly started grilling Patel for the delay in note counting. Appearing today before the panel, chaired by senior Congress leader M Veerappa Moily,  RBI chief informed the members that the bank has still to receive the Rs 500 and Rs 1000 notes from Cooperative Banks, a report published in Hindi Daily Dainik Jagran said. The RBI can issue a final figure only after receiving the complete amount from these banks. Also, the bank is still to receive currency notes from Nepal. The cooperative banks have been given a deadline of 19 July to deposit such notes with RBI.

In some other important revelations, RBI chief said that bank currently has 66 machines to count the notes and a tender to buy more machines has been issued. He further revealed that 59 machines are owned by RBI and 7 has been rented. Grilling Urjit, a Congress member went on to ask if RBI would be able to provide details of the amount of cash deposited post- demonetisation by May 2019, the time by when the tenure of the current Narendra Modi regime ends. In a historic decision, Prime Minister Narendra Modi had on November 8 announced the decision to demonetise old Rs 500 and Rs 1,000 currency notes.’ Since then, the opposition has been asking for the fugures of the value of received high-value notes.

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    Rangamannar Srinivasan
    Jul 13, 2017 at 5:34 pm
    Counting de-mo notes is not his prestigious job. Urjithji was not the cause of de-mo the notes. He must have better jobs to do,lest he was asking to do the ugly job. Its shame on, how the high official was treated in India. These de- mo currencies are in anyway not going to be revoked in the system.
    Reply
    1. S
      Sridhar Reddy
      Jul 13, 2017 at 7:25 pm
      Governor is wrong. In Cash counter the notes are verified. Only if it is legal then only they issue new notes, what the is he verifying? is he verifying new notes ?
      Reply
    2. S
      Sachchidanand Paradkar
      Jul 13, 2017 at 2:00 pm
      I am amazed why Congress Veerappa Moilly is so much curious about the actual count !! I find a lurking doubt that actual notes surrendered might be more than what were ISSUED ! THIS WILL BE A BIG scam in RBI NOTE ISSUE DEPT.! It may open Pandora' s Box , because either Duplicate /Fake notes were in circulation, which RBI did not care much about or turned Blind eye , probably due to involvement of very HIGH POLITICAL FIGURES, naturally from CONGRESS.. My guess is, inplace of official RBI figure of ₹15 lakh crore, there must have been much higher amount of notes in circulation ..Congress may be aware of such fake notes in circulation now concerned about being disclosef..!!!
      Reply
      1. S
        Suneel
        Jul 13, 2017 at 4:32 pm
        Stupid Logic by a chamcha
        Reply
        1. K
          K. Shah
          Jul 13, 2017 at 6:21 pm
          Your reply is that of a typical bhakt. Is the RBI under Congress supervision that they would turn a blind eye to fake notes of Congress. Why dont you say anything about the mockery that is demonetization. Well for people like you this govt cannot do anything wrong.
          Reply

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