RBI says it’s using ‘sophisticated’ machines to check accuracy of demonetised notes

RBI , sophisticated' machines, demonetised notes, Reserve Bank of India, Currency Verification and Processing (CVPS)

RBI says it’s using ‘sophisticated’ machines to check accuracy of demonetised notes

The Reserve Bank of India utilized modern Currency Verification and Processing (CVPS) machines for checking the exactness or the demonetised Rs 500 and Rs 1000 cash notes.

Citing a Right To Information (RTI) answer, PTI had prior announced that RBI was not utilizing machines for tallying Specified Bank Notes (SBNs).

The national bank in a late Sunday evening public statement said that the “RBI really utilizes complex Currency Verification and Processing (CVPS) machines for checking the numerical precision and validity of the money notes, including SBNs (counting SBNs rejected on November 8). These machines are path better than the note tallying machines.”

As indicated by the PTI report, the Reserve Bank of India (RBI) had said in an RTI answer that checking machines are “not being utilized” for counting the aggregate number of demonetised notes of Rs 500 and Rs 1,000 in any of its workplaces.

The national bank, which is in charge of printing of cash notes, later stated, “With a view to expanding handling limit, RBI is utilizing the accessible machines in two moves and has been utilizing a few machines briefly drawn from business banks after reasonable alterations and it is additionally investigating different choices to increase preparing limit much further.”

In the RTI answer, RBI declined to give the aggregate number of staff sent for tallying of the rejected notes, saying assembling the data would “lopsidedly occupy” its assets.

“Checking machines are not being utilized for the reason in any workplaces of Reserve Bank of India,” the RBI said in the RTI answer dated August 10.

The national bank additionally said no tallying machines were gone up against rent to accommodate the aggregate figure of the trashed notes.

It was gotten some information about machines being utilized for checking the Rs 500 and Rs 1,000 notes.

RBI additionally denied sharing data on the aggregate number of faculty sent for checking of the old notes.

“Accumulating the data would lopsidedly redirect the assets, the data looked for can’t be outfitted according to Section 7 (9) of RTI Act, 2005,” the RBI said in its answer to the RTI inquiry documented by a PTI journalist.

In its yearly report for 2016-17 discharged on August 30, the RBI had said Rs 15.28 lakh crore, or 99 percent of the demonetised 500 and 1,000 rupee notes, had come back to the saving money framework.

It additionally said that exclusive Rs 16,050 crore out of the Rs 15.44 lakh crore in the old high category notes have not returned.

As on November 8, 2016, when the note boycott was reported by Prime Minister Narendra Modi, there was 1,716 crore bits of Rs 500 and 686 crore bits of Rs 1,000 notes available for use, totaling Rs 15.44 lakh crore, it had included.

RBI is investigating different choices to additionally expand the handling limit.

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