Old notes worth Rs12.44 lakh cr deposited till Dec 10: RBI -The Total Investment & Insurance Solutions

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13 December 2016

The Reserve Bank of India (RBI) on Tuesday said that Rs 12.44 lakh crore of demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the demonetisation announced on November 8. The Total Investment & Insurance Solutions

Notes worth Rs 12.44 lakh crore have been deposited till December 10, while the central bank has been issuing "more and more notes" on a daily basis, said Deputy Governor S.S. Mundra. The Total Investment & Insurance Solutions

"We have been issuing more and more notes on a daily basis. RBI has printed 1.8 bn notes of Rs 2,000 and Rs 500. It has printed 20 billion of smaller denomination notes," he said. The Total Investment & Insurance Solutions

The RBI also said that it has instructed the banks to do central data checking and take action against officials found involved in unlawful activities. The Total Investment & Insurance Solutions

"Banks have taken action against errant officials. Banks must investigate when the data is suspicious," he said. The Total Investment & Insurance Solutions

Mundra said that a junior RBI official has also been suspended and due action will be taken in the matter.

"We have suspended a junior RBI official after dubious transaction issue. All the banks as well as RBI are having an institution of whistle blowers. It is a due process that will be undertaken. Due action has been initiated," he added. The Total Investment & Insurance Solutions

However, he also praised the banking industry for carrying out the "good work" since demonetisation. The Total Investment & Insurance Solutions