The figures on demonetized currency would need to be reconciled with the physical cash balances to eliminate accounting errors/ possible double counts
GN Bureau | January 5, 2017
The Reserve Bank of India on Thursday clarified that it was still in the process of reconciling the figures of the demonetized currency, following media reports which said that most of the scrapped notes was deposited in the banks.
“There had been various estimates on Specifiled Bank Notes (SBNs) tendered in certain sections. 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,” said the RBI.
One media report had said that 94 percent of the Rs 15.44 lakh crore of Rs 1,000 and Rs 500 currency notes in circulation on November 8 had been received back by the banks. Another media report put the figure at a staggering 97 percent.
Patients and health groups came together in Delhi to voice concerns over the unethical practices of private hospitals, which they say are a direct outcome of the regulatory vacuum, allowing them to monetize the vulnerability of patients. The study of the National Pharmaceutical Pricing Authority (NPPA) tha
The UP investors’ summit has received an overwhelming response. On the opening day, Wednesday, 1,045 memorandums of understanding (MoUs) worth Rs 4.28 trillion were signed at the summit – and as it closes today the figure is only going to go up. With big-ticket investments from
After becoming the brand ambassador for Punjab National Bank in 2016, cricket star Virat Kohli has appeared in advertisements promoting a variety of loans. Now that PNB is in deep soup over an alleged Rs 11,400 crore scandal, Kohli is expected to end his contract with the bank. That may not be fair.
Kamal Hassan, who launched his political party Makkal Needhi Maiam on Wednesday, has acted in films with political themes or making a social commentary. Here are four of them: 1) Hey Ram!: He plays the role of a would-be assassin of Mahatma Gandhi who changes his mind and decid
The Aam Aadmi Party (AAP), for all its talk of high ideals, had an image problem right from its inception: that it was a motley crew of politically naïve people. When the going was good, this image came very handy. Arvind Kejriwal and Co. were seen as a fresh new alternative to the usual run-of-the-mi
Prime minister Narendra Modi and defence minister Nirmala Sitharaman are in the midst of one direct attack, one insidious insinuation and a special kind of offensive. These concerted actions have emerged after both firmly showed their hand and spoke their mind on going down the indigenous path for most o