'Erroneous interpretation'RBI rejects report on disappearance of Rs 500 notes worth crores

By India Today Business DeskThe Reserve Bank of India (RBI) on Saturday dismissed a report claiming the “mysterious disappearance of Rs 500 notes worth Rs 88,032.5 crore”.

According to the report, a reply under Right to Information (RTI) revealed that 375.450 million pieces of Rs 500 notes with a new design were printed by Nasik’s Currency Note Press.

However, the report claimed that the RBI record showed only 345.000 million printed pieces were received by the central bank between April 2015 and December 2016.

Calling the report an “erroneous interpretation” of the information, the RBI said, “all banknotes supplied from printing presses to RBI are properly accounted for”.

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“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,” said the central bank.

“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 added.

Clarification on Banknote pic.twitter.com/PsATVk1hxw

— ReserveBankOfIndia (@RBI) June 17, 2023

The RBI assured that it had robust systems in place for the reconciliation of banknotes printed at the presses and supplied, including the protocols to monitor the 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,” said the bank of Indian banks.

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