Still counting demonitised notes, says RBI Governor

Still counting demonitised notes, says RBI Governor

He said RBI can not yet give the "specific number" of demonetized notes deposited.

Reserve Bank of India Governor Urjit Patel today told a parliamentary panel that old notes deposited after demonetisation are still being counted by a special team working round the clock, with people getting no off-days except a Sunday, sources said today. The session is scheduled to start on July 17 and is expected to conclude on August 11.

In January too, the RBI governor had appeared before the committee and had told the members that he would submit a statement on the amount of money that came back into the system after demonetisation.

After the meeting, a senior member of the committee said the governor did not provide any figure but gave details on remonetisation.

In Jan'17, Patel met with the Parliamentary panel for the first time to address demonetization-related queries.

Former Prime Minister Manmohan Singh did not ask any questions or intervene as he had done in the previous two meetings.

The nation might have emerged from the disruptive surge of the demonetisation exercise but the question - how much of the demonetised Rs 1000 and Rs 500 notes came back into the system? - continues to haunt the government. In addition to the 59 machines the RBI has it has placed an order for more such machines just to speed up the process, a report by Economic Times said on Thursday.

The deadline for depositing the banned notes with the RBI for non-resident Indians (NRIs) ended on June 30 while for resident Indians, the window closed on March 31 this year. RBI is still trying to reconcile the data and matching it with the banks figures, he further stated.

On the NPA issue, the governor said that the RBI through NPA ordinance has got more powers to resolve the bad debt problem plaguing the banking system. In other words, it took 32 days for the RBI to compute the figure of Rs 12.44 lakh crore or about 81 percent of the total amount of currency demonetised. Members, including BJP MP Nishikant Dubey, said rise in usage of virtual currencies is a matter of concern as it is hard to establish the source of funds.

Samajwadi Party member Naresh Agrawal staged a brief walk out from the meeting after not being satisfied with the response to his questions.

Issues relating to GDP growth and progress towards digital economy also figured in the meeting.



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