RBI Denies Claims of Missing Banknotes, Cites Misinterpretation of RTI Data

The Reserve Bank of India has refuted claims of missing banknotes, dismissing scattered media reports that suggested this was the case.

The RBI clarified that these reports were based on a misinterpretation of information obtained through the Right to Information (RTI) Act, 2005 from the printing presses.

The central bank, in a circular issued on Saturday, urged the public to rely on the information officially published by the RBI in such situations.

According to the RBI, all banknotes provided by the printing presses to the RBI are duly recorded and accounted for. The RBI further emphasized the existence of robust systems in place to ensure the accurate reconciliation of banknotes produced at the presses and supplied to the RBI. These systems incorporate stringent protocols for monitoring the production, storage, and distribution of banknotes, it said.

Earlier, Free Press Journal had erroneously reported on the matter based on activist Manoranjan Roy’s RTI report. It said that 375 million pieces of the newly designed Rs 500 note were printed by the Currency Note Press, Nashik, but RBI records suggested that the central bank had only received 345 million pieces printed between April 2015 and December 2016. There were a few more instances, besides this one, that were cited by the paper.

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