The Reserve Bank of India (RBI) has refuted media reports that said Rs 500 notes worth Rs 88,032.5 crore are missing from the Indian economy. It was said that this information came to know from RTI, which was filed by activist Manoranjan Roy.
Now clarification has come from RBI on these reports. RBI says that these reports are not correct and are based on misinterpretation of information collected from printing presses under the Right to Information Act, 2005.
Accounts of notes are kept
RBI says that all bank notes supplied to RBI from printing presses are properly accounted for. There are robust systems in place to reconcile banknotes printed at the presses and supplied to the Reserve Bank of India, including protocols for monitoring the production, storage and distribution of banknotes. RBI says that in such cases rely on the information published by RBI from time to time.
what was in the report
According to media reports, according to the information received by RTI activist Manoranjan Roy from RTI, the value of missing Rs 500 notes with new design is Rs 88,032.5 crore. It has been said that the three printing presses printed 881.065 crore notes of Rs 500, but RBI got only 726 crore notes out of these. That is, 176.065 crore notes of 500 rupees are missing.
