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.
Mumbai, once the epicentre of the pandemic in India, has emerged as a model for all others in mitigating the crisis. The supreme court on Wednesday said the central government should adopt and take lessons from the Mumbai model to manage liquid medical oxygen supply for Covid-19 patients in Delhi.
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To take preventive steps early and save lives, BrihanMumbai municipal corporation (BMC) commissioner Iqbal Singh Chahal has urged citizens to come forward and get themselves tested. Mumbai has seen a dip in Covid-19 cases in the last few days after an unprecedented increase in cases s
India reported 3,68,147 new cases on Monday, a number lower than the 4 lakh-plus recorded in the weekend. Also, more than 29.16 crore Covid tests were conducted across the country. As many as 29,16,47,037 have been conducted as on date. India’s cumulative recoveries now stand
Nandurbar, a tribal and hilly district in Maharashtra with a population of 20 lakh, is an unlikely contender for setting a precedent for the rest of India, but under the leadership of district collector Dr Rajendra Bharud, it took several measures to augment medical oxygen supply ahead of the second wave o
RP Singh, national spokesperson, BJP, has praised Mumbai municipal commissioner Iqbal Singh Chahal for actively engaging with people and effectively handling Covid-19 and said that a good administrator will know how to navigate political influence and bring in good governance. “