8 months on, RBI still counting demonetised currency; Urjit Patel cuts staff holidays to complete counting

Reserve Bank of India Governor Urjit Patel is still not in the position to tell the amount of demonetised currency returned. Demonetisation was announced on Nov 8 last year and the RBI is still counting the notes.

In a bid to speed up and complete the counting of banned Rs 1000 and old Rs 500 notes, the RBI has now cut staff holidays.

The central bank has also ordered more machines to speed up the process.

Patel informed the parliamentary panel on finance the employees are working "round the clock" except on Sundays.

Replying to queries from members of the Parliamentary Standing Committee of Finance on demonetisation and its fallout, Patel said counting of cancelled Rs 500 and Rs 1,000 currency notes goes on continuously for six days a week.

As per reports, Patel told the panel that besides Saturdays, many other holidays have also been suspended in order to complete the mammoth task.

There are more than 15,000 staff at the RBI.

The panel's meeting lasted for more than three hours and was attended by former Prime Minister Manmohan Singh, among others.