‘Erroneous’: RBI Refutes Reports Of Missing Rs 500 Bank Notes Worth Rs 88,032 Cr

A media report published Saturday said that ₹500 notes worth ₹88,032.5 crores went missing from the government’s printing presses which was refuted by RBI in late-night press release

The Reserve Bank of India on Sunday took cognisance of media reports that stated some banknotes printed by banknote printing press have gone missing and denied any such claims. A media report published Saturday said that ₹500 notes worth ₹88,032.5 crores went missing from the government’s printing presses. In a late-night press release by the country’s apex bank, RBI denied such claims and requested the public to rely on the information published by RBI from time to time. 

“The RBI emphasises that these reports are not correct,” said the statement. 

“These reports are based on an 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 said. 

“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,” it added. 

As per a report by Free Press Journal citing information received under the Right to Information Act, 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 stated.