Old notes worth Rs 12.44 lakh cr deposited till Dec 10: RBI

Mumbai: The Reserve Bank of India (RBI) on Tuesday said that Rs 12.44 lakh crore of demonetised Rs 500 and Rs 1,000 notes have been deposited by the public since the demonetisation announced on November 8.

Notes worth Rs 12.44 lakh crore have been deposited till December 10, while the central bank has been issuing “more and more notes” on a daily basis, said Deputy Governor S.S. Mundra.

“We have been issuing more and more notes on a daily basis. RBI has printed 1.8 bn notes of Rs 2,000 and Rs 500. It has printed 20 billion of smaller denomination notes,” he said.

The RBI also said that it has instructed the banks to do central data checking and take action against officials found involved in unlawful activities.

“Banks have taken action against errant officials. Banks must investigate when the data is suspicious,” he said.

Reacting to reports of arrest of a RBI official for money laundering activities, Mundra said a junior RBI official has been suspended and due action will be taken in the matter.

“We have suspended a junior RBI official after dubious transaction issue. All the banks as well as RBI are having an institution of whistle blowers. It is a due process that will be undertaken. Due action has been initiated,” he added.

Central Bureau of Investigation CBI sleuths on Tuesday arrested a RBI official in Bengaluru for allegedly laundering money running into millions of rupees.

“K. Michael, a Senior Special Assistant in the Issue Department of RBI’s regional office, has been arrested for his alleged involvement in conversion of old Rs 500 and Rs 1,000 notes worth Rs 6 lakh into Rs 100 notes at the State Bank of Mysore’s Kollegal branch in Chamrajpet district,” said an official.

Michael’s arrest comes a week after the CBI on December 6 registered a case against the bank branch’s senior cashier Parashivamurthy for allegedly laundering Rs 1.51 crore of new currency in exchange for old currency.

His name came up when CBI sleuths interrogated Parashivamurthy in the money laundering case.