New Delhi, January 9: Although RBI recently brushed off media reports claiming 95 % old currency deposits and said they are still counting numbers to reveal about the old bills deposit, the latest reports say that government is gearing up to accept that Rs 14 lakh crore in demonetised currency has been deposited with banks so far.
Ten days after the expiry of PM Narendra Modi led demonetisation of Rs 1000 and Rs 500 currency bills, there is no official update by RBI or FM about the total deposits in the banks.
The last official statement by RBI says Rs 12.44 lakh crore were deposited by December 10. The figure itself was a staggering one as government that had stashed of 86 % of Indian currency in a one go had expected only Rs 10 lakh crore to Rs 12 Lakh crore to come back in white economy. Government had expected at least Rs 3 lakh crore of shadow economy would be wiped off after the noteban and eyed the dividends after extinguishing the liability.
Now as per the latest report only Rs 75000 crore is expected to be left out of the formal banking system. The official also said, currency worth Rs 50,000 crore in old notes of Rs 500 and Rs 1,000 bills were already available with banks when Prime Minister announced the decision to demonetisation of high-denomination currency.
Although there is no official data on new currency pumped into the system, government officials claimed that almost Rs 10 lakh crore in new bills have been supplied to banks. The last official word on remonetisation by RBI said Rs 5,92,613 crore has been instilled back till December 19.
SBI Chairman Arundhati Bhattacharya had also said normalcy in the banking system would be restored by February-end.
The official further says, government has sought RBI’s opinion to know if it could release about Rs 75,000 crore from its own currency reserves and expedite cash release for early normalcy. But RBI had said that the situation would be close to normal in another 15 days.
After overwhelming depositions in the banking channel, RBI has started the process of identifying fake or counterfeit currency. “The RBI has about 60 large-sized machines that are calibrated to distinguish the fake and counterfeit notes from the wads of returned currency. But even if they work for 12 hours, these 60 machines are estimated to take 600 days to complete the job,” said another official.
“We are looking if banks can be involved to finish the task much earlier,” the official said while citing the degree of pending tasks for Modi government after demonetisation.