RBI has revealed that, the old 500 and 1000 rupees notes which were banned after the demonetization rule imposed in October 2016, are still being processed to assess genuineness and arithmetic reasons.
Following an RTI petition filed by a press reporter, RBI had reported that the processing of specific bank notes is still in progress and once the reconciliation is done, the report will be shared. As of June 30,2017, the total value of specific bank notes received was approximately around a whopping 15.28 trillion. When enquired on the approximate time or deadline set to completion of reconciliation, RBI said that the activity is currently in progress at a rapid pace with 59 currency Verification and processing machines at different locations of the country.
While it has been estimated that 99%
of the demonetized notes have come to RBI, for June 30 year end, only
16050 crore of the total 15.44 lakh crores demonetized notes hadn't been
returned. The split up of the 15.44 lakh crores is 1716.5 crores of 500 rupees
and 685.8 crores of 1000 rupees notes.
