RBI said the Data Released by the Banks May be Incorrect

As per reports Reserve Bank of India (RBI) denies to release the statistical data on demonitisation. The RBI said the aggregating of accounting entries made at the various currency chests still requires to be reconciled with the actual cash balances in order to eliminate accounting errors and double counting.

According to reports in media banks have already received 14.97 Lakh crore in the form of old 500 & 1,000 Rupees notes till 30th December 2016. According to a Bloomberg report, nearly 97% of the banned notes may have been deposited, dealing a blow to Prime Minister Narendra Modi’s drive to unearth unaccounted wealth and fight corruption. 

But, The Reserve Bank of India has clarified that it is taking all steps to expeditiously complete the computing of the deposits received after the demonetisation of Rs 500 and Rs 1,000 notes from 9 November and will release the numbers at the earliest.

The periodical deposit figures released earlier were based on aggregation of accounting entries done at the currency chests all over the country, the RBI said in release posted on its website.

As per clarification on RBI website :- ‘We would like to clarify that the periodical SBN figures released by us were based on aggregation of accounting entries done at the large no of Currency Chests all over the country. Now that the Scheme 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 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.’

 

Copy of Clarification