One Year of DeMo, RBI Still Verifying Returned Notes

In less than 10 days, we will be celebrating the first anniversary of the historical demonetization, but then, RBI is still processing the Rs.500 and Rs. 1,000 bills returned to banks through a sophisticated currency verification system.

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Replying to an RTI query, RBI Revealed that it had processed about 1,134 crore pieces of Rs. 500 notes and 524.9 crore pieces of Rs. 1,000 junked notes, having a face value of 5.67 lakh crore and 5.24 lakh crore respectively, as on September 30.

The combined value of the processed notes is Rs. 10.91 lakh crore approximately. RBI refused to commit on a deadline for completing the counting exercise saying that the verification of notes withdrawn from circulation is an ongoing process.