RBI refutes reports on missing bank notes, says claims based on misinterpretation of RTI info

Biznextindia : The Reserve Bank of India (RBI) has refuted media claims that Rs 88,032.5 crore worth of currency notes have vanished from the Indian economy. The RBI categorically stated that these reports were based on a misinterpretation of data obtained through the Right to Information (RTI) Act.

On Saturday, The Free Press Journal published an article stating that Manoranjan Roy, an activist, had obtained data through an RTI petition. According to the report, the data revealed that while the currency mints had issued 8,810.65 million pieces of the newly designed Rs 500 note, the RBI had received only 7,260 million of these notes. The article further stated that the total value of the missing notes amounted to Rs 88,032.5 crore. However, the RBI has refuted these claims and emphasized that they are not accurate.

“The Reserve Bank of India (RBI) has come across reports circulating in certain sections of the media alleging missing of banknotes printed by banknote printing presses. The RBI emphasizes that these reports are not correct” RBI said in a statement.

The statement further says “These reports are based on erroneous interpretation of information collected under the Right to Information Act, 2005 from the printing presses. It may be noted that all banknotes supplied from printing presses to RBI are properly accounted for. It is further informed that there are robust systems in place for 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”.