Lack of machines delayed counting of banned notes: RBI chief tells panel

Panel gives RBI Governor Urjit Patel 15 days to submit data on deposits of demonetised currency

Urjit Patel

Lack of adequate machines and related infra has delayed the counting of demonetised currency that has come back into the system, the Reserve Bank of India (RBI) Governor Urjit Patel is learnt to have told a parliamentary panel on Wednesday.

During the meeting that lasted more than three hours, Urjit Patel, according to sources said that the central bank is yet to arrive at the final figure since counting was still in progress.

The parliamentary standing committee on finance, that will table the report on demonetisation in the monsoon session starting July 17, gave the RBI chief 15 days time to submit data on deposits of invalidated Rs 500 and Rs 1,000 notes, besides counterfeit currency in circulation.

The RBI has cut staff holidays to complete the counting of currency which returned to the system after demonetisation, and has also ordered more machines to expedite the process, Patel told the panel, informed sources.

According to sources, the panel told Patel that since the RBI will have to close its accounts as on June 30 and prepare the balance sheet for 2016-17, it must be in a position to share the number.(economy news)

“While the governor shared some data, he did not give exact figures and said that they are still being counted,” said a source.

The RBI transfers its surplus to the Union government every year that ends on June 30.

The number’s game

During the more than three-hour long meeting of the standing committee on finance, Patel took a lot of questions but members said he did not provide any “specific number” on the amount of money that came back to the system after November 8

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

Patel told the panel that the RBI has cut down on holidays to complete counting of the junked currency note and that its staff is working “round-the-clock” except on Sundays

Appearing before the panel for the second time, Patel was accompanied by three deputy RBI governors – B P Kanungo, S S Mundra and N S Vishwanathan…Read full story 

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