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  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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