1.7 billion pieces of notes in Rs 2000 and Rs 500 issued after currency ban, says RBI

RBI deputy governor Rama Subramaniam Gandhi on Tuesday said that post denomiation the Central Bank has issued 21.8 billion pieces of notes of various denominations. He also said that Rs 12.44 lakh crore returned in old Rs 500, Rs 1,000 currency.

RBI has also said that it initiated an inquiry in the cases of money laundering by various banks. 

The deputy governor also said that the apex bank is keeping an eye on various transaction of banks. 'In an operation of this size (demonetisation), there are always elements who would've behaved otherwise than what is expected,we're keeping vigil,' said R Gandhi.

Here are the highlights:

#There is no such thing at this point of time. As of now, no show cause notice has been issued (to Axis Bank)

#Public requested to freely use notes they have rather than holding them

#System gearing up for supporting circulation of notes, daily we are issuing more and more notes

#Higher denomination of Rs 2000 and 500, we have issued 1.7 billion notes in this period

#Of which 20.1 billion pieces belong to small denominations of Rs 10, 20s, 50s, 100s

#RBI also issued to public through banks and branches, total in terms of quantity 21.8 billion pieces of notes of various denominations

#Old notes of Rs 500 and Rs 1000 which have been returned back to RBI and currency chest, amounted to be 12.44 lakh crore as of Dec 10

#And whenever any untoward transaction/action is noticed, due investigation would be done

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#RBI supervisors carrying out similar exercise on various data points of banks

#And whenever they find any inconsistency it should be pursued further through their internal audit mechanisms

#We have issued elaborate instructions to all bank managements to do the central data checking

#In an operation of this size, there are always elements who would've behaved otherwise than what is expected, we're keeping vigil

#Would like to mention that from the beginning of this process,bank employees have made efforts, majority have won appreciation

#There have been media reports about some of transactions noticed in various bank branches, alleged involvement of bank staff

#The concerned employee has been suspended, we have instituted investigation. Action will be taken once details are known

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#There has been media report of one of RBI staff at Bengaluru as well, let me clarify it was a junior functionary of RBI

#From 10 Nov till 10 Dec, banks have issued notes worth 4,61,000 cr to the public over their counters and through ATMs

#The concerned employee has been suspended, we have instituted investigation. Action will be taken once details are known

#There has been a media report of one of the RBI staff at Bengaluru as well, let me clarify it was a junior functionary of RBI

#There have been already cases where banks have taken action against the staff members

#And whenever any untoward transaction/action is noticed, due investigation would be done

#RBI supervisors carrying out similar exercise on various data points of banks

#And whenever they find any inconsistency it should be pursued further through their internal audit mechanisms

#We have issued elaborate instructions to all bank managements to do the central data checking

#In an operation of this size,there are always elements who would've behaved otherwise than what is expected,we're keeping vigil

#Would like to mention that from the beginning of this process,bank employees have made efforts, majority have won appreciation

#There have been media reports about some of transactions noticed in various bank branches, alleged involvement of bank staff