The Reserve Bank of India, even eight months after demonitisation is still counting the demonitised currency returned and is not in a position to tell how much black money has been recovered after the government demonitised 500 and 1000 rupee notes.
This was disclosed by RBI governor Urjit Patel while appearing before the Parliamentary panel.
Patel, who appeared before a parliamentary standing committee on finance on Wednesday, failed to give an estimate of the fake currency recovered, sources said.
While making a sudden announcement on 8 November 2016 Prime Minister Narendra Modi had said the move was aimed at weeding out black money and choking counterfeit currency that was being to fund terrorist activities. The government has scrapped 86% of all cash from the economy.
The RBI Governor couldn’t provide to the panel, headed by Congress leader M Veerappa Moily, a date by which the Reserve Bank of India would come out with the exact amount of the money deposited.
Digvijay Singh member of the panel, who has been very vocal in his criticism against demonitisation asked if the RBI would be able provide the details before May 2019, when the Modi government’s term ends.
Patel told the panel the RBI was using 39 counting machines and had hired seven more machines. “Even with some many machines, it is taking time as we also have to keep count of the fake notes. We have decided to buy some more counting machines,” sources quoted him as saying.
Some members, including Biju Janata Dal’s Bhartruhari Mahtab, Samajwadi Party’s Naresh Agarwal, voiced concern over the farmer agitation in Madhya Pradesh and other states, saying the farm distress was reportedly linked to the cash crunch in the economy .