RBI Refutes Claims of Missing Rs 500 Notes Worth Crores

The Reserve Bank of India (RBI) has dismissed reports alleging the disappearance of Rs 500 banknotes worth crores from circulation. These reports, which surfaced based on information obtained through the Right to Information (RTI) Act, 2005 from the banknote printing presses, claimed that Rs 500 notes amounting to Rs 88,032.5 crore were missing from the Indian economy. However, the RBI clarified that these reports are incorrect.

In its statement, the RBI addressed the media reports suggesting the missing banknotes and stressed that they are not accurate. The central bank responded to the viral RTI reply, which indicated that Nasik's Currency Note Press had printed 375.450 million pieces of the new design Rs 500 notes. The report raised concerns as the RBI's records only showed the receipt of 345 million printed pieces between April 2015 and December 2016.

The RBI assured the public that robust systems are in place to reconcile the banknotes printed at the presses and supplied to the central bank. These systems include strict protocols to monitor the production, storage, and distribution of banknotes. The RBI urged individuals to rely on the information published by the RBI itself regarding such matters.

With this clarification, the RBI aims to put to rest any speculation or concerns regarding the alleged missing Rs 500 notes. The central bank emphasizes its commitment to maintaining transparency and providing accurate information to the public.