RBI still verifying notes returned during demonetisation

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Almost a year after the Prime Minister introduced the demonetisation initiative all over the country, the RBI (Reserve Bank of India) mentioned that the currency returned during this period is still under verification.

Currently, 1,134 crore, Rs.500 and close to 525 crore, Rs.1000 rupee notes has been processed. This amounted to a total of Rs.10.91 lakh crore.  These notes are processed using SCVP (Sophisticated Currency Verification and Processing) machines, and at least 66 of these machines are presently used, the RBI said.

Narendra Modi, the Prime Minister of India, put the demonetisation initiative in place primarily to diminish black money in the economy and eradicate corruption. Subsequent to the announcement, holders of Rs.500 and Rs.1000 notes were told to deposit them into the bank or utilize it at certain services like petrol bunks and medical shops. RBI then verified the notes that were deposited to the bank to ascertain the total amount of currency returned and the amount of currency that was fake.

Previously, in their yearly report, the Reserve Bank of India said that 99% of all the Rs.500 and Rs.1000 notes that were in circulation had been returned. Only a mere Rs.16,050 crore amongst the total Rs15.44 lakh crore hadn’t been returned.

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