While the Reserve Bank of India had a problem with an extra 339.95 million currency notes deposited in vaults between 1999-2010, more than the output of the government security printing presses, now, it is faced with an altogether different issue. While the mints issued 8,810.65 million pieces of the newly designed Rs 500 note, the RBI has only received 7,260 million.
Value of the missing notes is a staggering Rs 88,032.5 crore
No-one knows the whereabouts of the 1,760.65 million of Rs 500 notes which have mysteriously gone missing, taking into account the 210 million pieces printed in the Nashik mint between April 2015 and March 2016. The value of the missing notes is a staggering Rs 88,032.5 cr.
Despite repeated attempts, RBI spokesperson refuses to comment on the missing notes from RBI vaults
RBI spokesperson did not comment despite repeated attempts.
Data obtained under RTI
India prints its currency notes at three government mints – the Bharatiya Reserve Bank Note Mudran (P) Limited, Bengaluru, Currency Note Press, Nashik, and Bank Note Press at Dewas and sends them to the RBI vaults, for further distribution in the Indian economy.
According to data obtained under the Right to Information Act (RTI) by activist Manoranjan Roy, 375.450 million pieces of the newly designed Rs 500 note were printed by the Currency Note Press, Nashik, but RBI records having received only 345.000 million pieces printed between April 2015 and December 2016. In another RTI reply last month, the Currency Note Press, Nashik, said for the financial year 2015-2016 (April 2015-March 2016,) 210.000 million pieces of Rs 500 were supplied to the RBI when Raghuram Rajan was the RBI governor.
The Report of the Currency Note Press, Nashik, has shown the newly designed Rs 500 currency notes were supplied to the Central bank but the RBI annual report does not mention receiving any Rs 500 notes with the new design, in its Public Domain Annual Report on Currency Management. Further information provided by the Currency Note Press, Nashik, mentions 1,662.000 million pieces of the newly designed Rs 500 note were supplied to the RBI in 2016-2017.
Huge Mismatch
The Bharatiya Reserve Bank Note Mudran (P) Limited, Bengaluru, supplied 5,195.65 million pieces of Rs 500 to the RBI and the Bank Note Press, Dewas, supplied 1,953.000 million pieces to the RBI in 2016-2017, but the RBI has received only 7,260 million pieces of the newly designed Rs 500 note from all three printing presses. There is a mismatch, as 8,810.65 million pieces of the newly designed Rs 500 note were printed by the three mints in all, but the RBI received only 7,260.000 million pieces.
Missing pieces no joke
“The apex bank is indifferent to the harm caused to the Indian economy with such a huge mismatch in highdenomination Indian currency notes printed in the mints and the total received in the RBI vaults. The missing 1,760.65 million pieces is no joke. It raises security concerns about our Indian economy and its stability,” said Manoranjan Roy.
Activist has written to Central Economic Intelligence Bureau and ED
He has written to the Central Economic Intelligence Bureau and the Enforcement Directorate to investigate the irregularities in the millions of high-value currency notes printed in the three mints. Senior RBI officials have defended the mismatch, citing the huge logistics in the printing and supply of currency notes. But, it is strange it should take so long for notes to reach the RBI vaults.
