New Delhi: The RBI late Saturday night categorically denied media reports that claimed Rs 88,032.5 crore of currency notes had “disappeared” from the Indian economy, insisting that these reports were based on an “erroneous interpretation” of data collected through the Right to Information (RTI) Act.
The Free Press Journal had Saturday reported that data obtained through an right to information (RTI) petition by Manoranjan Roy, an activist, showed that while India’s currency mints issued 8,810.65 million pieces of the newly designed Rs 500 note, the RBI has only received 7,260 million of these. The value of the missing notes, the news report said, totalled Rs 88,032.5 crore.
“The Reserve Bank of India (RBI) has come across reports circulating in certain sections of the media alleging missing banknotes printed by banknote printing presses,” the RBI said in a statement Saturday night. “The RBI emphasises that these reports are not correct.”
“These reports are based on erroneous interpretation of information collected under the Right to Information Act, 2005 from the printing presses,” the central bank added. “It may be noted that all banknotes supplied from printing presses to RBI are properly accounted for.”
The RBI further said that it has “robust systems” in place for the reconciliation of banknotes printed at the presses and supplied to RBI, which include protocols to monitor production, storage and distribution of banknotes.
“Members of the public are, therefore, requested to rely on the information published by RBI from time to time in such matters,” the RBI’s statement concluded.
India prints its currency notes at three government mints: the Bharatiya Reserve Bank Note Mudran (P) Limited in Bengaluru, the Currency Note Press at Nashik, and the Bank Note Press at Dewas in Madhya Pradesh.
“He (Roy) has written to the Central Economic Intelligence Bureau and the Enforcement Directorate to investigate the irregularities in the millions of high-value currency notes printed in the three mints,” the Free Press Journal report said. “Senior RBI officials have defended the mismatch, citing the huge logistics in the printing and supply of currency notes.”
(Edited by Poulomi Banerjee)
Also read: Inflation eased, but here’s why RBI’s unchanged policy repo rate is likely to stay for some time