Friday, September 29, 2023

RBI Clarifies the Alleged Conspiracy of “Missing” Rs 500 Notes Worth Rs 88,000 Crore in Indian Economy

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The Reserve Bank of India (RBI) has finally broken its silence and issued a clarification regarding the alleged conspiracy surrounding the missing Rs 500 notes in India, with a staggering total value of over Rs 88,000 crore.

Following an RTI application that claimed a significant amount of money was “missing” from the Indian economy, the RBI has come forward to dismiss these rumors and emphasize that the reports of massive hoards of missing Rs 500 notes are entirely false.

The RTI application, allegedly filed by an activist, raised concerns about the disappearance of thousands of Rs 500 notes, amounting to approximately Rs 88,035 crore. However, the RBI firmly refutes these claims and states that there is a well-established system in place to ensure all notes are properly accounted for within the Indian economy.

In its official clarification, the central bank states, “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.”

The RBI emphasizes that there are robust systems in place to reconcile the banknotes printed at the presses and supplied to the central bank, including stringent protocols to monitor production, storage, and distribution.

The RBI urges the public not to believe unverified reports and encourages them to rely on information published by the RBI from time to time regarding such matters.

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Earlier, an article published by the Free Press Journal cited an activist named Manoranjan Roy, who had allegedly filed an RTI report revealing that Rs 500 notes worth Rs 88,000 crore were missing from the Indian economy. The RTI reportedly contained data from three printing presses, indicating that 8810.65 million pieces of the newly designed Rs 500 notes were printed, while the RBI accounted for only 7260 million notes.

With the RBI’s clarification, it becomes evident that the alleged conspiracy of missing Rs 500 notes is unfounded and lacks credibility. The central bank’s statement aims to dispel any misinformation circulating among the public and reinforce trust in the robust systems governing the Indian economy.

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