The Reserve Bank of India on Thursday clarified that its announcements about specified bank notes were based on “aggregation of accounting data from its currency chests across the country”. The apex bank said the cash currency estimates need to be “reconciled with physical cash balances” after collection of demonetised notes concluded on December 30, 2016.
A statement issued by the bank said the process, already underway, would rule out accounting errors. It clarified that any previously released figures about specified bank notes returned may not be accurate.
The country grappled with a cash crunch following Prime Minister Narendra Modi government’s move to demonetise Rs 500 and Rs 1000 notes, which had accounted for 86% of India’s currency supply at that time.
The 50-day window for citizens to exchange or deposit the old notes since the currency ban move ended on December 30. On Wednesday, protestors argued that Modi had announced that old currency could be exchanged at RBI counters up to March 31, while RBI employees said that the specific provision was only applicable for non-resident Indians or citizens who were abroad between November 8 and December 30.