RBI still counting old notes returned to banks

RBI still counting old notes returned to banks

MUMBAI: The Reserve Bank of India (RBI) on Thursday clarified that it was in the process of counting how much in old notes have been returned, eliminating double counting, to the system and the various numbers quoted in media are unverified.
In its statement it has said that there had been various estimates on SBNs tendered in certain sections.
“We would like to clarify that the periodical SBN figures released by us were based on aggregation of accounting entries done at the large no of Currency Chests all over the country. 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 statement read adding that the 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.
The periodic numbers released by the Reserve Bank, the last being Rs 12.4 lakh crore till December 10, were based on aggregation of accounting entries done at the large no of currency chests all over the country.

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