Lack of machines delayed counting of banned notes: RBI chief tells panel
The lack of adequate and related machinery delays the counting of the demonetized currency being returned to the system, Reserve Bank Governor (RBI) Urjit Patel learned that he told a parliamentary panel Wednesday.
During the meeting that lasted more than three hours, Urjit Patel sources said the central bank had yet to reach the final figure, as the count was still underway.
The Standing Parliamentary Finance Committee, which will present the report on demonetization at the monsoon session on July 17, gave the head of the RBI 15 days to submit data from banknotes Rs 500 and RS 1000 invalid In addition to Counterfeit in circulation.
The RBI has cut staff vacations to complete the money count is returned to the system after the demonetization, and also has ordered more machines to speed up the process, Patel said the panel, informed sources.
According to sources, the panel said Patel that since the RBI will have to close its accounts on June 30 and the preparation of the balance of 2016-17, should be able to share the number.
“While the governor has shared data, he did not give exact figures and said that they are still counted,” a source said.
The RBI transfers its surplus to the Government of the Union each year ending 30 June
Appearing before the panel for the second time, Patel was joined by three sub – governors of RBI – B Kanungo P, S and N S Mundra S Vishwanathan.
“The governor has answered many questions but did not provide a specific amount of money that is returned to the system after demonetization. We asked him to provide the figure in 15 days,” a source said.
However, Patel told the group that the currency in circulation is LAK 15.4 million, against Rs 17.7 lakh million rupees in demonetization in November last year.
Cash in circulation may not be a parameter for assessing the quantum of money black or white money in the system, said a panel member.
Since November 8, 2016, demonetization before the currency approximately Rs 17.7 lakh crore outstanding, Rs 500 and Rs 1000 is built around Rs 15.50 lakh crore, more than 85% of the total.
Meanwhile, former PM Manmohan Singh, a panelist, did not question the governor. I had rescued at an earlier meeting of the panel.
Although the government has given three reasons for demonetization – to fight against corruption, black money and activism – the goal seems to have been reached, one panelist noted. “We can see that activism has increased, levels of corruption, too, have not diminished,” he said.
Citing a study conducted by the Indian Institute of Statistics in Calcutta, the source quoted above said Rs 400 million rupees, the value of the counterfeit currency is still outstanding, and Rs 70 crore is added every year .
“The question is doubtful that there was a need for a disturbance,” he added.
Tickets of Rs 500 and RS 1000 were allowed to be traded until December 30 of last year, while the gate of Indian Indians and nonresidents abroad in the last two months was open until March 31.
In January, the governor of the RBI had appeared before the committee and had told members that he was going to file a statement on the amount of money being returned to the system after the demonetization.
The committee will present its report on demonetization in two parts. The first part to be presented at the next session of Parliament will be dedicated to demonetion, while the second part will focus on the transformation of the digital economy.