Money & Banking

Sophisticated verification process used to check scrapped notes: RBI

Press Trust of India New Delhi | Updated on January 10, 2018 Published on September 10, 2017

The Reserve Bank of India is not using ‘counting machines’ for tallying the total number of demonetised notes of ₹500 and ₹1,000 in any of its offices, the central bank has said in an RTI reply.

Rather, it is using “sophisticated Currency Verification and Processing (CVPS) machines for checking the numerical accuracy and genuineness of the currency notes, including SBNs (Specified Bank Notes that have been scrapped),” the RBI clarified.

“These machines are way superior to the note counting machines. With a view to augmenting processing capacity, the RBI is using the available machines in two shifts and has been using some machines temporarily drawn from commercial banks after suitable modifications. The RBI is also exploring other options to augment processing capacity even further,” the central bank said in a statement.

Published on September 10, 2017
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