Amid reports of Bank receiving Rs 14.97 lakh crore as of December 30, the deadline for submitting demonetised notes, Reserve Bank of India on Thursday said that periodical Specified Bank Note (SBN) SBN figures released by the central bank were based on aggregation of accounting entries done at the large number of Currency Chests all over the country. According to a Bloomberg report, “the government had initially estimated about Rs 5 lakh crore of the Rs 15.4 lakh crore rendered wortless by the sudden move on November 8 to remain undeclared as it may have escaped the tax net illegally.” In an advisory, RBI said, “Now that the Scheme has come to an end on December 30, 2016, these figures would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts etc.”
The central bank has already initiated this process and till this is completed any estimate may not indicate the actual numbers of the SBNs that have been returned. RBI is taking all steps to complete the process expeditiously so as to release firm figures of SBNs received at an early date, according to the advisory.
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On the last day of demonetisation, 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 had said that there were lots of areas where double counting could have happened.
On November 8, Prime Minister Narendra Modi announced that Rs 1,000 and Rs 500 currency notes were no longer a legal tender, saying the move was aimed at eliminating black money, counterfeit currency and terror financing. Citizens were given up to Decmber 30 to deposit the old currency in banks.
Under fire for the slow pace of re-monetisation and the on-going cash crunch, the government has announced various concessions to promote digital transactions and has been urging the public to move towards an economy that transacts less in cash.
(With agency inputs)