BT Online New Delhi Last Updated: July 13, 2017 | 11:48 IST
Reserve Bank of India Governor Urjit Patel told a parliamentary panel that lack of machines and infrastructure has resulted in the delay of counting the demonetised currency in the system, reported Business Standard.
Patel, at the meeting, is believed to have said that the RBI hadn't arrived at the final figure just because the counting was still in progress.
"The governor answered a lot of questions but failed to provide a specific number on the money that came back into the system after demonetisation. We have asked him to provide the figure in 15 days," the paper quoted a source.
Patel did share some data but did not discuss the exact figures at the meet.
Currency in circulation currently stands at Rs 15.4 lakh crore, against Rs 17.7 lakh crore at the time of demonetisation in November last year.
Another panel memeber added that cash in circulation cannot be the basis of assessing black or white money in the economy.
The source, who was present at the meeting, quoted a study by the Indian Statistical Institute in Kolkata saying that Rs 400 crore worth of fake currency is still in circulation, and Rs 70 crore is added every year.
The parliamentary standing committee on finance will table the report on demonetisation in the monsoon session that starts on July 17. The committee has given the RBI chief 15 days time to submit data on deposits of the defunct Rs 500 and Rs 1,000 bank notes.
To meet the deadline, the RBI has reduced staff holidays and increased the number of machines that will count the invaild notes.
Sources further revealed that the parliamentary panel has informed the apex bank that it must share the figures before it closes its books on June 30 and prepare its balance sheet for 2016-17.
Former Prime Minister Manmohan Singh was also present at the meet as one of the members of the panel.
