The Reserve bank of India on Saturday clarified that the media reports regarding the missing ₹500 notes are incorrect and are based on misinterpretation of data obtained under the Right to Information Act, 2005 from the printing presses.
According to a statement by RBI, the reports on disappearance of banknotes are not not accurate and are a result of erroneous interpretation of information obtained under RTI Act.
RBI in the statement said, " The Reserve Bank of India 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."
Report by FPJ
FPJ earlier this week had reported that while the mints issued 8,810.65 million pieces of the new ₹500 notes, the RBI had only received 7,260 million. These numbers were obtained through an RTI query by activist Manoranjan Roy. The data indicated that 375.450 million pieces of the ₹500 note were printed by the Currency Note Press, Nashik. However, the RBI only received 345 million pieces between April 2015 and December 2016.The value of the missing notes is a staggering Rs 88,032.5 cr.
The statement by the RBI addressing the report urged the public to refer to the information that was provided by the RBI for accurate information on the matter.
₹2,000 and ₹500 notes in circulation
According to RBI's annual report 2022-23, 87.9 per cent of ₹2,000 and ₹500 banknotes were in circulation in terms of the total circulation as on March 31, 2023. In terms of value ₹500 notes had the highest shares of 37.9 per cent followed by ₹10 notes at 19.2 per cent.
RBI pulls back ₹2,000 notes
The RBI on May 19 said that it plans to withdraw ₹2,000 notes from circulation in pursuance of the 'Clean Note Policy'. The central bank advised the banks to stop issuing the ₹2,000 denomination bank notes with immediate effect.
The central bank on June 8 said that almost 50 per cent of the ₹2,000 notes have already come back to the banking system.