Why RBI Should Learn to Count Money From Hundi Collectors in Tirupati? Chidambaram Explains

In January, the Collegium had sent both the names together for appointment but the government has processed only one, with no further movement on the file relating to Justice Joseph, who is presently the chief justice of Uttarakhand High Court.

New Delhi: Former finance minister and Congress leader P Chidambaram on Sunday took a swipe at the Reserve Bank of India officials for not being able to count the demonetisation money as yet. He then took the opportunity to advise them.

"I would like to tell the RBI officials why don't you go to Hundi collectors in Tirupati? They count money faster than you," said Chidambaram at the Congress plenary session in Delhi.

In October, in reply to an RTI query, the Reserve Bank of India (RBI) said that the notes are still being "processed in all earnest" through a sophisticated currency verification system.

Replying to a question on providing the deadline for completing the counting exercise, it said, "The verification of notes withdrawn from the circulation is an ongoing process".

The RBI said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines were being used for counting of junked Rs 500 and Rs 1,000 notes that were deposited with various banks post demonetisation.

The government had on November 8 last year banned the use of old Rs 500 and Rs 1,000 notes and allowed the holders of these currency bills to deposit them with banks or use them at certain notified utilities.

The notes deposited or collected are being verified by the central bank at its offices to establish the total number of currency bills returned and to weed out those that are fake.