RBI will Take Time to Calculate Old Note Deposits: FM

Posted By: Religare
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Finance Minister Arun Jaitley has said that there can be no timeline to know the actual deposits received in old notes post-demonetisation as the RBI has to count deposits in the range of Rs 14-15 lakh crore.

RBI will Take Time to Calculate Old Note Deposits: FM

Commenting on the issue, Finance Minister Arun Jaitley told the media, "Let us be very clear, the Reserve Bank of India (RBI) has to count every currency note and you are now thinking in terms of lakhs of crore of rupees. You are in the range of Rs 14-15 lakh crore which the RBI has to count. Each counterfeit note will have to be removed and the RBI has to come out with an exact figure."

"They have hired more machines, and the moment the RBI completes that exercise, it will come out with that number. How can you give a timeline to RBI? You must trust the institution. They have a huge apparatus in place counting each currency note. So, if you are counting Rs 14-15 lakh crore of currency, it is obviously going to take a lot of time," he added.

Read more about: demonetization, arun jaitely, rbi
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