Still Counting, Says RBI Governor Urjit Patel, Questioned By MPs On Banned Notes

Urjit Patel said the total money in circulation now is Rs 15.4 lakh crore against Rs 17.7 lakh crore in November last year when PM Narendra Modi banned high denomination notes.

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Still Counting, Says RBI Governor Urjit Patel, Questioned By MPs On Banned Notes

Urjit Patel said banned notes are still to come in from Nepal and banks are being allowed to accept them.

New Delhi: 

Highlights

  1. Team working 6 days a week to count notes deposited since ban: RBI chief
  2. PM Modi last year banned high-value notes to battle corruption
  3. Mr Patel appeared for 2nd time before panel to answer notes ban queries
Reserve Bank of India Governor Urjit Patel today told a parliamentary panel that old notes deposited after demonetisation are still being counted by a special team working round the clock, with people getting no off-days except a Sunday, sources said today.

The Samajwadi Party's Naresh Aggarwal and Trinamool MP Saugato Roy had asked the RBI Governor how much of the banned notes have come back into the system. Mr Patel said the total money in circulation now is Rs 15.4 lakh crore against Rs 17.7 lakh crore in November last year when Prime Minister Narendra abruptly banned high value notes in an attempt to battle black money and corruption.

Mr Patel said banned notes are still to come in from Nepal and cooperative banks are being allowed to accept them. Also, he said, post offices, where people could exchange old notes for new currency last year, are yet to deposit old notes with the RBI.

The RBI Governor was appearing for the second time before a parliamentary panel to answer their questions on the notes ban. He had appeared last in January, but the MPs had more questions. The panel, headed by Congress MP Veerappa Moily, had summoned him twice in the intervening months, but he sought exemption both times saying that he was occupied with the monetary policy.

The Committee has also summoned top finance ministry officials to brief them on the impact of demonetisation.

With inputs from IANS

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