RBI dispels rumors of missing Rs 500 notes worth Rs 88,000 crore in India
New Delhi, June 18: The Reserve Bank of India (RBI) has finally addressed the alleged conspiracy surrounding the missing Rs 500 notes in India, amounting to over Rs 88,000 crore. After an RTI application claimed that a significant amount of money was "missing" from the Indian economy, the RBI has stepped forward to debunk these rumors and clarify the situation.
According to the alleged RTI report filed by an activist, thousands of Rs 500 notes, totaling approximately Rs 88,035 crore, were reported as "missing" from the Indian economy. However, the RBI has firmly refuted these claims and assured the public that the reports of missing Rs 500 notes are entirely false.
In its clarification, the central bank emphasised that there is a well-established system in place to ensure the proper accounting of all notes in the Indian economy. The RBI stated, "These reports are based on an 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."
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The RBI further highlighted the robust systems in place for the reconciliation of banknotes printed at the presses and supplied to RBI, which includes strict protocols to monitor the production, storage, and distribution of banknotes.
Clarification on Banknote pic.twitter.com/PsATVk1hxw — ReserveBankOfIndia (@RBI) June 17, 2023
Urging the public not to believe unverified reports, the central bank advised relying on information published by the RBI from time to time regarding such matters.
Earlier, a report cited an activist named Manoranjan Roy, who had filed an RTI report revealing that Rs 500 notes worth Rs 88,000 crore were missing from the Indian economy. The RTI allegedly presented data from three printing presses, indicating that 8,810.65 million pieces of the newly designed Rs 500 notes were printed, while RBI's records accounted for only 7,260 million notes.
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- With inputs from agencies
