As the exercise continues at national level to physically tally the balance submitted by banks' currency chests, bankers say only minor differences are expected to be found.
Sources privy to the activity said special inspections are being conducted at the banks' currency chest to match the balance submitted on December 30 with the physical count of notes. A deadline of January 31 has been set to finish the exercise.
There are different estimates ranging from Rs 14 to Rs 15 lakh crore of SBNs having gone back to banks. With reports of as much as 97% of notes being deposited, question is whether black money has been actually flushed out.
The recount orders came soon after the RBI clarified that SBNs or banned currency were based on aggregation of accounting entries done at the numerous currency chests all over the country. Now that the scheme has come to an end, the figures need to be recoiled with the physical cash balances to eliminate any accounting errors, according to the RBI's clarification.
Sources in commercial banks said the current system itself
leaves little scope for a major error. The notes collected
through a bank's branches are sent to the currency chest. Every
bank has a currency chest in an area where it has major
presence. Some banks have more than one chest in the city. The
RBI is sent a daily balance of the amount collected in each
chest every evening.
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