The Reserve Bank of India (RBI) on Sunday refuted reports that Rs 88,032.5 crore worth of Rs 500 notes have gone missing. The RBI said that all the banknotes supplied from printing presses to the central bank are properly accounted for.
The reports of missing notes were based on an RTI query filed by activist Manoranjan Roy. Roy had asked the RBI how many Rs 500 notes had been printed by the government's currency mints and how many of these notes had been received by the RBI.
The RBI's response to Roy's RTI query showed that while 8,810.65 million pieces of Rs 500 notes had been printed by the government's currency mints, the RBI had only received 7,260 million of these notes. This led to speculation that the remaining 1,550.65 million notes had gone missing.
However, the RBI has now clarified that these notes have not gone missing. The RBI said that the 1,550.65 million notes are still in transit and will be received by the RBI in due course.
The RBI also said that there are robust systems in place for monitoring the production, storage, and distribution of banknotes. These systems ensure that all banknotes are properly accounted for.
The RBI's clarification has put to rest the rumors of missing Rs 500 notes. The RBI has assured the public that all banknotes are properly accounted for and that there is no need for concern.
Clarification made by RBI is as follows
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.
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.
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