500 Rupee Notes: The Reserve Bank of India has dismissed a report that millions of pieces of 500 Rupee notes were missing. According to Free Press Journal, an RTI reply from the RBI revealed that the government printed 8,810.65 million notes of Rs 500 currency in its various mints. These mints are located in Dewas, Nashik and Bengaluru.
The same RTI reply states that the government “received 7,260 million notes, 1550.65 million fewer pieces than the issued.” These weren’t the only missing notes.
Mint says that last month an RTI revealed that the RBI did not receive 210 million notes of Rs. 500. These notes were printed in Nashik between April 2015 and March 2016.
Therefore, the Free Press Journal report adds, the total number of missing 500 Rupee notes is 1760.5 million. This means the total amount missing is INR 88,032 crore.
Report erroneous, says RBI
The Central Bank has denied that 1760 million 500 Rupee notes are missing from its inventory. In a clarification issued on June 17, 2023, the Reserve Bank of India said all the notes have been accounted for.
The short clarification said “These reports are based on 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.”
Must Read: Aus Vs Eng Ashes 2023: Usman Khawaja’s Ton Ruins English Plan; Australia Take Day 2
This clarification didn’t explain how and why the Free Press Journal report is wrong.
Fake notes detected in 2023
The Reserve Bank of India in its annual report has said that 9,110 of Rs. 500 denomination pieces of fake currency notes (FCN) were detected in the financial year 2022-2023.
95.6% of the total fake notes were detected in non-RBI banks.
The same report said that 9,806 fake Rs. 2,000 notes were registered in FY 2023. It is noteworthy that these notes are being withdrawn from the market currently.
Must Read: Pitch Invader Lift Cristiano Ronaldo During Euro Qualifiers; Watch Video
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.