Details of old notes parked with banks after June: RBI

Details of old notes parked with banks after June: RBI

The total number of old notes of Rs 500 and Rs 1,000 deposited with banks post demonetisation will be known only after June 30 as the Reserve Bank of India is in the process to count such notes deposited with various banks, RBI Deputy Governor S S Mundra said on Wednesday.

“There are 4,000 currency chests in the country and the RBI also keeps its money at 19 different places. We also have to take into account the old currency notes from countries like Nepal and Bhutan that have special arrangement with the government of India,” said Mundra at a press conference after the RBI’s monetary policy.

“There are two more deadlines of March 31 and June 30 for specific categories to deposit old notes. Only after calculating the money from all these sources we would be able to tell the exact amount of deposits in old currency notes,” he said.

Prime Minister Narendra Modi on November 8 had demonetised the high denomination currency notes of Rs 500 and Rs 1,000. Till December 9, the RBI kept giving the figures of old notes deposited by the banks regularly. But after that it stopped giving the numbers.

Meanwhile, the income tax department has conducted more than 1,100 searches, seizures and surveys and issued more than 5,100 notices between November 9 and January 10 for verification of suspicious high value cash deposits in old  notes.

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