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Using special machines for counting scrapped notes, confirms RBI

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scrapped notesResponding to the claims of not using counting machines for tallying the demonetised notes, the Reserve Bank of India (RBI) has affirmed using Currency Verification and Processing (CVPS) for verifying the numerical accuracy and credibility of the bank notes, including Specified Bank Notes (SBNs).

“It has been reported in a section of the press, quoting a reply to RTI application, that RBI was not using machines for counting Specified Bank Notes (SBNs). RBI actually uses sophisticated Currency Verification & Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs,” said RBI in its official communiqué.

“These machines are way superior to the note counting machines. With a view to augmenting processing capacity, RBI is using the available machines in two shifts and has been using some machines temporarily drawn from commercial banks after suitable modifications,” it added.

The banking regulator also stated of exploring other efficient options to further fuel up the processing capacity.

It was earlier revealed through a reply to an RTI that the apex body is not making use of any counting machines to verify the scrapped Rs 500 and Rs 1,000 banknotes.

In its annual report, released earlier this month, the RBI revealed that nearly 89 million notes of Rs 1,000 rupee currency did not return to the system out of the total 6700 million notes available in the system before demonetisation.

The regulator said that 1.3 per cent of Rs 1,000 notes did not come back to the system post the note ban.

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