‘Missing’ Rs 500 notes worth Rs 88,000 crore: RBI breaks silence, clarifies conspiracy in Indian economy

 


After an RTI claimed that there is a massive amount of money “missing” from the Indian economy, the Reserve Bank of India (RBI) has come forward to dismiss these rumours, saying that the reports of massive hoards of Rs 500 notes being missing are completely false.

Earlier, an RTI application by an activist allegedly claimed that thousands of Rs 500 notes are ‘missing’ from the Indian economy. These Rs 500 notes make up around Rs 88,035 crore, according to the alleged RTI report filed by an activist.

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Snubbing these rumours, the RBI stepped up to issue a clarification, saying that the reports of the missing Rs 500 notes are completely false. RBI said that there is a system in place to make sure that all the notes are accounted for in the Indian economy.

The central bank wrote in its clarification, “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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RBI further said in its notice, “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.”

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The central bank further urged the public to not believe any unverified reports, and rely on the information published by RBI from time to time on such matters.

Earlier, a report published by the Free Press Journal cited that an activist named Manoranjan Roy had filed an RTI report, where it was revealed that Rs 500 notes worth Rs 88,000 crore are missing from the Indian economy.

The RTI reportedly had data from three printing presses which showed that 8810.65 million pieces of the newly designed Rs 500 notes were printed, but RBI only accounted for 7260 million notes.

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