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RBI refrains from disclosing balance sheet data for 30 June

LiveMint logoLiveMint 17-07-2017 Alekh Archana

Mumbai: The Reserve Bank of India (RBI) has not disclosed figures of notes in circulation for the week and fortnight ended 30 June, the day it closes its annual accounts.

RBI has for the first time skipped releasing the balance sheet for the week ended 30 June in its weekly statistical supplement, reported Economic Times.

RBI follows the July-June accounting year. The data assumes importance because it would help understand the impact of demonetisation as circulation is a key component of the central bank’s liability. These figures are disclosed as part of the weekly statistical supplement.

The past two weekly supplements had not disclosed the figure.

The impact on RBI’s balance sheet because of demonetisation will be known in August, when it releases its annual report.

The central bank said that the numbers for 30 June will be published as part of its balance sheet in the annual report.

“The figure would provide an actual position of currency in circulation as compared to a year ago and help us understand the impact of demonetisation on the RBI’s balance sheet and how much remonetisation has taken place,” said an economist, on the condition of anonymity.

Last week, RBI governor Urjit Patel appeared before the Standing Committee on Finance, a Parliamentary panel, to answer questions related to demonetisation deposits. According to reports, Patel did not provide a specific number as to how many of scrapped old Rs500 and Rs1,000 currency notes have returned to the system, because the counting was still on.

On 8 November 2016, Prime Minister Narendra Modi announced the scrapping of high-value notes, which constituted 86% of the currency in circulation.

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