The Reserve Bank has cut staff holidays to complete counting of currency notes which returned to the system post demonetisation and has also ordered more machines to expedite the process, Governor Urjit Patel informed on Wednesday the parliamentary panel on finance. The RBI has also issued tenders for new machines for counting of the notes, Patel told the committee. As part of efforts to fight corruption and the black money menace, the government on November 8 last year demonetised old Rs 500 and Rs 1,000 currency notes. As on November 8, 2016, the total amount of currency in circulation was Rs 17.7 lakh crore, which included specified bank notes (SBNs) of Rs 500 and Rs 1,000. After December 30, designated offices of the RBI accepted junked notes till June 30 under various categories.

Source: Hindustan Times July 12, 2017 13:10 UTC