RBI Clarifies After Reports Say Rs 15 Lakh Crore Old Notes Deposited

The Reserve Bank of India on Thursday issued a clarification after various news agencies, citing sources, came out with estimates of old note deposited in the banking system.

Neither the RBI nor the government has come out with an official estimate of the old notes deposited in the banking system after the deadline ended on December 30.

The RBI said it is taking all steps to complete the process expeditiously so as to release firm figures of banned notes received at an early date.

"Now that the Scheme has come to an end on December 30, 2016, these figures would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts etc. RBI has already initiated this process and till this is completed any estimate may not indicate the actual numbers of the SBNs (Specified Bank Notes) that have been returned," the central bank said.

Press Trust of India had in a report citing sources said on Wednesday that between Rs 14.5 lakh crore and Rs 15 lakh crore may have come back into the banking system.

The Reserve Bank of India in its last official release said that till December 10, Rs 12.44 lakh crore worth of old notes returned to the banking system.

Though the deadline for depositing old notes ended on December 30, some exemptions are still available for Indians who were abroad during November 9-December 30, and NRIs.

Prime Minister Narendra Modi had on November 8 announced demonetisation of Rs 500 and 1,000 notes that took away 86 per cent or Rs 15.44 lakh crore out of circulation.