The RBI has finally issued a clarification on the alleged conspiracy of the missing Rs 500 notes in India, amounting to over Rs 88,000 crore.
The Reserve Bank of India (RBI) has stepped forward to deny the allegations made in an RTI that a significant quantity of money is “missing” from the Indian economy, claiming that the claims of vast hoards of missing Rs. 500 notes are wholly untrue.
In the past, an activist purportedly claimed in an RTI request that lakhs of Rs. 500 notes were “missing” from the Indian economy. According to a purported RTI report submitted by an activist, the total value of these Rs 500 notes is around Rs 88,035 crore.
The RBI responded to these speculations by stepping up and issuing a clarification, claiming that the claims of the missing Rs 500 notes are wholly untrue. According to RBI, a framework is in place to ensure that all
In a clarification, the central bank stated, “These reports are based on an incorrect interpretation of information obtained from the printing presses under to the Right to Information Act 2005. It should be remembered that every banknote that printing presses deliver to the RBI is accurately 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,” the RBI continued in its notice, “which include protocols to monitor production, storage, and distribution of banknotes.”
The central bank also asked the populace to rely on the information released by RBI from time to time and not to believe any unconfirmed claims.
An activist called Manoranjan Roy reportedly filed an RTI complaint, which indicated that Rs 500 notes worth Rs 88,000 crore are missing from the Indian economy, according to an earlier article published by the Free Press Journal.
The freshly designed Rs 500 notes were produced in 8810.65 million pieces, according to data from three printing plants obtained by the RTI, however the RBI could only account for 7260 million of those notes.