RBI wants to eliminate errors

Express News Global

Published: January 05, 2017, 2:13 am IST
RBI said the figures would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts.

The finance ministry had said that there were lots of areas where double counting could have happened.

 The finance ministry had said that there were lots of areas where double counting could have happened.

Mumbai: The Reserve Bank of India on Thursday said it will release the numbers at the earliest. Now that the demonetisation scheme has come to an end on December 30, the RBI said the figures would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts.

“The RBI 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,” the central bank clarified.

On the last day of demonetisation, the RBI had asked all banks including cooperatives to report details of deposits of old Rs 500/ Rs 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. The government on November 8 demonetised old Rs 500 and Rs 1,000 notes worth Rs 15.44 lakh crore, 86 per cent of the total currency in circulation. The RBI is believed to have received deposits close to `15 lakh crore during the 50-day demonetisation exercise.