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A year on, RBI waits for note counting machines

DNMUM392594 | 7/17/2017 | Author : Manju AB | WC :552

DNA EXCLUSIVE

Mumbai: Almost a year after placing an order, Reserve Bank of India (RBI) is still waiting for 10 note counting machines to arrive from abroad.
RBI is yet to get delivery of the heavy-duty counting machines, for which it had floated global tenders in August 2016. This has slowed down the counting of the demonetized notes, sources said.
On November 8, 2016, notes of Rs 500 and Rs 1,000 denomination were declared invalid. These notes formed 86% of the Rs 17 lakh crore of cash in circulation. The deadline for residents to submit old currency notes was on December 31, 2016. Indians who were travelling abroad as well as non-resident Indians were given time till March 31, 2017, to exchange the old notes from the RBI counter
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