Gangwar further informed that as on November 8, 2016 there were 17165 million pieces of Rs. 500 and 6858 million pieces of Rs. 1000 in circulation. The value of Specified Bank Notes of Rs. 500 and Rs. 1000 returned to RBI and Currency Chests amounted to Rs. 12.44 lakh crore as of December 10, 2016.
He also said that appropriate action against offenders is an on-going process, adding that a number of effective measures have been taken by the government to verify cash deposits in old Rs.500 and Rs.1000 notes made in the banks by those persons in whose case deposits were not in line with their existing profile based upon filings with the income tax department.
Such measures include e-verification process of cash deposits under 'Operation Clean Money' which includes collection of relevant information on cash transactions, collation and analysis of such information, extensive use of information technology and data analytics tools for identification of high risk cases, expeditious verification of suspect cases mostly in a non-intrusive manner and enforcement actions in appropriate cases, which include searches, surveys, enquiries, assessment of income, levy of taxes, penalties, etc. and filing of prosecution complaints in criminal courts, wherever applicable.
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