BENGLURU: The Reserve Bank of India (RBI) said it has scrapped 9,711.62 million demonetized notes of Rs 500 denomination and 4,709.72 million Rs 1,000 notes till August this year, but claims to have no information about counterfeit notes yet. This was in response to an RTI application filed by TOI.

The RBI’s response to the RTI query, seeking information on the fake currency detected post demonetization, said: “Processing of notes is in progress.”

The RTI reply also revealed that Rs 15.28 trillion value of old notes of Rs 500 and Rs 1,000 have been deposited in banks and the RBI, as on June 30, 2017.

The total value of notes in circulation (including old notes of Rs 500 and Rs 1000 denomination) as on November 4, 2016, was Rs 17.74 trillion. The RBI also stated that it has no information about black money recovered post demonetization.

On November 8, 2016, Prime Minister Narendra Modi announced demonetization as a measure to check black money and curb corruption and counterfeiting. RBI’s annual report, which was released in August, revealed that of the Rs 15.44 lakh crore worth old Currency Notes of Rs 500 and Rs 1,000 in circulation, Rs 15.28 lakh crore returned. This means as much as 99% of banned currency notes have returned to banks.

Citing the country’s “economic interest”, the RBI declined to give information on printing defects in the new legal tender of Rs 500 and Rs 2,000. “The information sought by the applicant cannot be furnished since it falls under the ambit of Section 8 1(a) of the RTI Act,” Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) said in response to the RTI filed by TOI.

Section 8 1(a) of the RTI Act states that “information, disclosure of which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offence”.

There were complaints of variants of new Rs 500 and Rs 2,000 notes differing in colour and design, but RBI later clarified that they are valid legal tender.

As many as 4,292.225 million notes of new Rs 500 and 3,542.991 million notes of Rs 2,000 have been printed till March 31, 2017, the RTI reply revealed.

More Cvps Machines

The RBI uses highly sophisticated Currency Verification and Processing Systems to check the numerical accuracy and authenticity of currency notes.

“As on date, 59 CVPS are in operation in RBI. For the purpose of processing SBN (specified bank notes), seven CVPS machines available with commercial banks are also being used.

Besides, steps have been initiated to acquire more CVPS machines on lease,” the RTI reply read.

“Each CVPS machine at RBI is operated by a set of five people under a supervisor, who supervises a cluster of machines. Besides, a number of other people are also involved in forward and backward processes.”