Lack of machines delayed counting of banned notes: RBI chief tells panel

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Financial News

Lack of adequate machines and related infra has delayed the counting of demonetised currency that has come back into the system, the Reserve Bank of India (RBI) Governor Urjit Patel is learnt to have told a parliamentary panel on Wednesday.

During the meeting that lasted more than three hours, Urjit Patel, according to sources said that the central bank is yet to arrive at the final figure since counting was still in progress.

The parliamentary standing committee on finance, that will table the report on demonetisation in the monsoon session starting July 17, gave the RBI chief 15 days time to submit data on deposits of invalidated Rs 500 and Rs 1,000 notes, besides counterfeit currency in circulation.

The RBI has cut staff holidays to complete the counting of currency which returned to the system after demonetisation, and has also ordered more machines to expedite the process, Patel told the panel, informed sources.

According to sources, the panel told Patel that since the RBI will have to close its accounts as on June 30 and prepare the balance sheet for 2016-17, it must be in a position to share the number.

While the governor shared some data, he did not give exact figures and said that they are still being counted,” said a source.

The RBI transfers its surplus to the Union government every year that ends on June 30.

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