Process of counting old 500 & 1000 rupees notes returned to banks still on: RBI

The Reserve Bank has said, the process of counting old 500 and 1000 rupee notes that were returned to the banks is still on. RBI said, as the scheme to deposit invalid currency notes has just ended, it is taking all steps to complete the counting process and release the actual figures at the earliest.

The clarification comes after media



reports claimed that almost 94 to 97 percent of old notes amounting to between 14.5 lakh crore and 15 lakh crore rupees may have come back into the banking system. In a press release issued from Mumbai today, RBI clarified that the process of reconciling the figure to eliminate any accounting error or double counting is currently underway.