India’s central bank reportedly did not receive 1,760.65 million currency notes of ₹500 each, media reports citing activist Manoranjan Roy’s supposed findings under India’s Right to Information Act stated on Saturday.
The value of notes, reported to be missing, is a staggering ₹88,032.5 crore (nearly $11 billion).
“The apex bank is indifferent to the harm caused to the Indian economy with such a huge mismatch in high denomination 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,” Manoranjan Roy was quoted as saying by the Free Press Journal.
What has happened, according to report?
It has been reported that the Reserve Bank of India’s money-minting press in Maharashtra state’s Nashik issued 8,810.65 million pieces of the newly designed ₹500 note. Of these, the RBI received only 7,260 million pieces, according to activist Manorajan Roy’s RTI findings reported in the Free Press Journal.
The Report of the Currency Note Press, Nashik, has shown the newly designed ₹500 currency notes were supplied to the Central bank but the RBI annual report does not mention receiving any ₹500 notes with the new design, in its Public Domain Annual Report on Currency Management.
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The 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, Free Press Journal reported.
The report further adds that the Bharatiya Reserve Bank Note Mudran (P) Limited, Bengaluru, supplied 5,195.65 million pieces of ₹500 to the RBI and the Bank Note Press, Dewas, supplied 1,953.000 million pieces to the RBI in 2016-2017.
Of these, the RBI received only 7,260 pieces of the newly designed ₹500 note from all three printing presses.
There is reported to be a mismatch. A total of 8,810.65 million pieces of the newly designed ₹500 note were printed by the three mints in all, but the RBI received only 7,260.000 pieces.
The government is yet to react on the report making explosive claim that may have significant economic consequences.
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