RBI needs 'lot of time' to come out with exact number of demonetised notes: FM

"Each counterfeit note will have to be removed and the RBI has to come out with an exact figure," the minister said.

If you wish to know the actual deposits received by the Reserve Bank of India (RBI) in old notes post-demonetisation, you will have to wait longer! Finance Minister Arun Jaitley has clarified that it’s not feasible to give a timeline to the central bank as it has to count deposits in the range of Rs 14-15 lakh crore, a PTI report said.

"Let us be very clear, RBI has to count every currency note and you are now thinking in terms of lakhs of crore of rupees. You are in the range of Rs 14-15 lakh crore which the RBI has to count. Each counterfeit note will have to be removed and the RBI has to come out with an exact figure," Jaitley told CNBC TV18.

"They have hired more machines, and the moment the RBI completes that exercise, it will come out with that number. How can you give a timeline to RBI? You must trust the institution.

"They have a huge apparatus in place counting each currency note. So, if you are counting Rs 14-15 lakh crore of currency, it is obviously going to take a lot of time," he added.

It was earlier expected that the bank should come out with the data on the scrapped notes in the second quarter of FY 2017-18 as non-resident Indians (NRIs) can still deposit their old notes till June 30.

Prime Minister Narendra Modi announced the scrapping of old Rs 500 and Rs 1,000 currency notes on the night of November 8; the government has since been introducing new measures to promote digital transactions in the country.

Source: PTI


Event date: 
Tuesday, June 6, 2017

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