An RTI query has revealed that the Reserve Bank of India (RBI) has processed 9,711.62 million demonetised notes of Rs 500 and 4,709.72 million of Rs 1,000 notes. The central bank also said that it doesn’t have any data on counterfeit notes, according to Times of India report. In its reply, the RBI has said that “Processing of notes is in progress.” The central bank’s response also brought to light that, till June 30, 2017, Rs 15.28 trillion value of old notes of Rs 500 and Rs 1,000 have been deposited in banks and the RBI.
Pre demonetisation, the total value of notes (both Rs 500, Rs 1000) in circulation was Rs 17.74 trillion. The apex bank has also claimed that it doesn’t have any information about the recovery of black money. On printing defects of the new Rs 500 and Rs 2,000 currency notes, the RBI declined to share any information, citing “economic interest” of the country. “The information sought by the applicant cannot be furnished since it falls under the ambit of Section 8 1(a) of the RTI Act,” Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) said, as per TOI report.
On October 16, the RBI had said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines are being used for counting junked Rs 500 and Rs 1,000 notes that were deposited post demonetisation. A global tender had also been floated for the procurement of new CVPS machines, the central bank had said, as per PTI report.
The government had on November 8 last year banned the use of old ₹ 500 and ₹ 1,000 notes but allowed holders to deposit them with banks or use them with certain notified utilities. The notes deposited or collected are being counted by the central bank at its offices to establish the total number of currency returned and to weed out fake notes.