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.
India has achieved a significant milestone as the number of Covid-19 tests conducted in the country so far has crossed the 1 crore milestone. This signifies the importance accorded to widespread testing and the focussed ‘Test, Trace, Treat’ strategy with several follow-up measures taken in tand
Half way through the year 2020, it has been a tough time all around the world: Covid-19 epidemic, loss of lives, economic hardships and also numerous other problems – natural disasters and political protests. Coming together, it all has mental health under immense strain. To discuss this and othe
In a first, the Department of Home Science, Sri Padmavati Mahila Visvavidayalam (Women’s University) Tirupati, Andhra Pradesh, recently organized an international webinar on “Nutrition and Immune System Support during COVID-19 Pandemic”. Speakers included eminent national and internationa
Even as Unlock enters the second phase, the number of Covid-19 infections continues to rise to record levels and India remains No 4 in the worldwide list, yet there is glimmer of hope: its recovery rate is also rising in tandem. There are 1,27,864 recovered cases more than the active Covid-1
A long-debated idea is finally coming to fruition as the Indian railways has decided to join hands with the private sector, in running some train services to begin with. The ministry of railways has invited ‘request for qualifications’ (RFQ) for private participation for operatio
Democracy in India is now taken for a fact, with an unstated assumption that all our institutions are democratic and hence often our successes and more often failures are attributed to ‘democracy’. However, a key frontier where democracy remains a challenge is that of local governments and that