RBI reconciling figures about SBNs received to eliminate errors

RBI reconciling figures about SBNs received to eliminate errors

A week after the scheme for resident Indians to deposit specified bank notes (SBNs) in their accounts ended, Reserve Bank of India has stated that it is still reconciling figures to eliminate errors.

Now that the scheme (to submit SBNs) 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 said in a release.

RBI has already initiated this process and till this is completed any estimate may not indicate the actual numbers of the SBNs that have been returned. RBI is taking all steps to complete the process expeditiously so as to release firm figures of SBNs received at an early date, the central bank added.

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