Mumbai, January 6

Scorching various rumours spreading on the deposits of banned currency notes, the Reserve Bank of India (RBI) promised to make public the total quantum of scrapped notes that have been deposited.

The RBI gave clarification in the wake of news reports that more 95 per cent of banned notes were deposited in banks by December 30.

We would like to clarify that the periodical SBN figures released… were based on aggregation of accounting entries done at the large number of Currency Chests all over the country. .. RBI is taking all steps to complete the process expeditiously so as to release firm figures of SBNs received at an early date,” it said in its official statement.

The deadline to deposit banned currency concluded on December 30. However the RBI has to reconcile invalid currency with physical cash balance to remove accounts flaws, which process was already started.

banned currency

RBI directed all banks including cooperative banks, to submit details of deposits of banned currency notes. The value of Rs 500 and Rs 1,000 notes under circulation by November 9 last year was Rs 15.44 lakh crores. This is 86 per cent of the total currency.

As per RBI estimations, about Rs 15 lakh crore of old currency was deposited within 50 days.

Responding to a news story that 97 per cent old currency notes were deposited in banks, Finance Minister Arun Jaitley said that he was not aware of this.

It was estimated that Rs 15.5 lakh crores would be deposited by December 30. But the government had not made announcement in this regard. RBI announced on December 14 that Rs 12.5 lakh crores was deposited in demonitized notes. After that there were no details revealed.

Recently Arun Jaitley requested banks to complete the counting at the earliest and suggested to prevent mistakes like double counting.

The government revealed that Rs 11 lakh crore was deposited in December month. But the details of the total amount deposited after 50 days of deadline were not revealed yet.

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