RBI denies disappearance claims of Rs. 500 notes worth crores
What's the story
The Reserve Bank of India (RBI) dismissed a report on Saturday that talked about the alleged "mysterious disappearance of Rs. 500 notes" approximately worth "Rs. 88,032.5 crore." As per Free Press Journal, a response under the Right to Information (RTI) Act claimed 375.45 million pieces of newly-designed Rs. 500 notes were produced by Nasik's Currency Note Press, but the RBI received only 345 million.
Details
Details on RBI's press release on Rs. 500 disappearance claims
In a press release on Saturday night, the country's central bank stated that certain sections of the media circulated reports claiming the disappearance of Rs. 500 notes printed by banknote printing presses. While assuring that it has robust systems in place, the RBI said that reports were based on "erroneous interpretation" of details collected under the 2005 RTI Act from the printing presses.
More details
Banknotes supplied by printing presses properly accounted for: RBI
"The [RBI] has come across reports circulating in certain sections of the media alleging missing of banknotes printed by banknote printing presses," the central bank said. "These reports are based on erroneous interpretation of information collected under the [RTI Act, 2005] from the printing presses. It may be noted that all banknotes supplied from printing presses to RBI are properly accounted for," it added.
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Check out RBI's official release on issue
Clarification on Banknote pic.twitter.com/PsATVk1hxw
— ReserveBankOfIndia (@RBI) June 17, 2023
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RBI urges public to rely on its published information
While highlighting its other safety measures, the central bank of the country also revealed that several protocols are in place already to monitor the production, distribution, and storage of banknotes in India. "Members of the public are, therefore, requested to rely on the information published by RBI from time to time in such matters," added the RBI.
Further information
How claims of disappearance of Rs. 500 notes started
On Saturday, several media reports surfaced that cited information allegedly obtained through RTI Act by activist Manoranjan Roy that claimed Rs. 500 notes worth Rs. 88,032.5 crore were missing. The statistics from three printing presses also allegedly revealed that three currency note presses printed 8,810.65 million pieces of the newly designed Rs. 500 notes. However, RBI reportedly received only 7,260 million pieces during 2016-17.