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RBI has 'no information' on how much black money came back

Shobhit Kalra

Shobhit KalraBy Shobhit Kalra

Published on 4 Sep 2017 10:55 PM GMT

RBI cautions co-operative societies against using bank in name
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New Delhi: The Reserve Bank of India (RBI) on Monday said that it has 'no information' about how much black money has been legitimised through the process of demonetisation.

RBI, in his reply to the questions raised by members of the Parliamentary Standing Committee on Finance headed by M Veerappa Moily, said that it has got the demonteised curency worth Rs 15.28 lakh crore till June 30.

While the government is calling the demonetisation move a hit, the country's central bank is facing the flak of opposition parties for making a delay in disclosing the figures on the junked notes.

The central bank, however, has informed the panel that the completion of the process of verification will take time in view of the large volume involved.

"Till such time, these notes are processed by the RBI, their numerical accuracy and authenticity, only in estimation of SBNs received back is possible. Subject to future correction, based on verification process when completed, the estimated value of SBNs received as on June 30 is Rs 15.28 trillion," said RBI in its written reply to the panel.

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When asked, how much amount of black money has been extinguished as a result of demonetisation, the central bank said, "The RBI has no information in this regard."

Shobhit Kalra

Shobhit Kalra

Writer has 10 years of experience in digital media. Presently working as Chief Sub Editor at newstrack.com. An avid reader and always willing to learn new things and techniques.

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