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RBI using ‘sophisticated verification process’ instead of counting machines to check scrapped notes

RBI clarified it is using “sophisticated Currency Verification and Processing (CVPS)" machines for checking numerical accuracy and genuineness of the currency notes

Reported by: Agencies, New Delhi [ Updated: September 11, 2017 11:11 IST ]
RBI said it was using sophisticated tools for tallying
RBI said it was using sophisticated tools for tallying scrapped notesPhoto:PTI

The Reserve Bank of India is not using ‘counting machines’ for tallying the total number of demonetised notes of ₹500 and ₹1,000 in any of its offices, the central bank has said in an RTI reply.

Rather, it is using “sophisticated Currency Verification and Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs (Specified Bank Notes that have been scrapped),” the RBI clarified.

"It has been reported in a section of the press, quoting a reply to RTI application, that RBI was not using machines for counting Specified Bank Notes (SBNs). RBI actually uses sophisticated Currency Verification & Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs," said RBI in a statement.

“These machines are way superior to the note counting machines. With a view to augmenting processing capacity, the RBI is using the available machines in two shifts and has been using some machines temporarily drawn from commercial banks after suitable modifications. The RBI is also exploring other options to augment processing capacity even further,” the central bank said in a statement.

The RBI further said that it is also exploring other options to further augment the processing capacity.

The RBI, in its annual report, earlier this month highlighted that about 89 million notes of Rs. 1000 rupee currency did not come back to the system out of a total of 6700 million notes that were in the system as on November 8.

The apex banking system stated that only 1.3 percent of Rs. 1000 notes didn't return after the Centre's demonetisation exercise.

RBI, in its report, said that the cost of printing notes doubled to Rs. 7,965 crore in FY17 from Rs. 3,421 crore in FY16 on account of new currency printing after the note ban.

 

However, RBI said that it pumped in 2380 crore notes totalling Rs 5.54 lakh crore in the two months post demonetisation between November 9 to Decemeber 31.

On November 8 last year, the Prime Minister Narendra Modi-led government announced its demonetisation drive, wherein, currency denominations of Rs. 500 and Rs. 1,000 notes were stopped as legal tender.

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