RBI Denies Reports Of Missing Banknotes From Indian Economy, Ensures Robust Systems For Reconciliation

The Reserve Bank of India (RBI) has recently refuted claims of missing banknotes, clarifying that the reports circulating in the media were based on a misinterpretation of Right to Information (RTI) data.

The Reserve Bank of India stated in a press release that certain parts of the media have propagated claims alleging the disappearance of bank notes created by bank note printing units. According to the RBI, these reports are based on an incorrect interpretation of information obtained from printing presses under the Right to Information Act of 2005.

"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."

RBI recommended the public to depend on information released by the RBI from time to time in such instances.

A Free Press Journal report on Saturday reported data received under the Right to Information Act by activist Manoranjan Roy, claiming that 500 notes worth 87,032.50 crore are missing. Three currency note printers created 8810.65 million pieces of the newly designed 500 notes, according to data from three printing presses. However, according to RBI records, only 7260 million pieces were received in 2016-17.