1. No black money data available post demonetisation, says RBI to RTI query; refuses to divulge fake notes, printing defects numbers

No black money data available post demonetisation, says RBI to RTI query; refuses to divulge fake notes, printing defects numbers

An RTI query has revealed that the Reserve Bank of India (RBI) has processed 9,711.62 million demonetised notes of Rs 500 and 4,709.72 million of Rs 1,000 notes.

By: | New Delhi | Published: October 20, 2017 4:29 PM
Reserve Bank of India demonetised notes, RBI  processed 9,711.62 million demonetised notes of Rs 500 and 4,709.72 million of Rs 1,000 notes,  RBI  TO RTI query,  No black money data SAYS RBI,  RBI fake notes, printing defects numbers Reserve Bank of India (RBI) has processed 9,711.62 million demonetised notes of Rs 500 and 4,709.72 million of Rs 1,000 notes. (IE)

An RTI query has revealed that the Reserve Bank of India (RBI) has processed 9,711.62 million demonetised notes of Rs 500 and 4,709.72 million of Rs 1,000 notes. The central bank also said that it doesn’t have any data on counterfeit notes, according to Times of India report. In its reply, the RBI has said that “Processing of notes is in progress.” The central bank’s response also brought to light that, till June 30, 2017, Rs 15.28 trillion value of old notes of Rs 500 and Rs 1,000 have been deposited in banks and the RBI.

Pre demonetisation, the total value of notes (both Rs 500, Rs 1000) in circulation was Rs 17.74 trillion. The apex bank has also claimed that it doesn’t have any information about the recovery of black money. On printing defects of the new Rs 500 and Rs 2,000 currency notes, the RBI declined to share any information, citing “economic interest” of the country. “The information sought by the applicant cannot be furnished since it falls under the ambit of Section 8 1(a) of the RTI Act,” Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) said, as per TOI report.

On October 16, the RBI had said at least 66 Sophisticated Currency Verification and Processing (CVPS) machines are being used for counting junked Rs 500 and Rs 1,000 notes that were deposited post demonetisation. A global tender had also been floated for the procurement of new CVPS machines, the central bank had said, as per PTI report.

The government had on November 8 last year banned the use of old ₹ 500 and ₹ 1,000 notes but allowed holders to deposit them with banks or use them with certain notified utilities. The notes deposited or collected are being counted by the central bank at its offices to establish the total number of currency returned and to weed out fake notes.

  1. Rajeev Prasad
    Oct 22, 2017 at 12:02 pm
    This is an an interesting news item "RBI declines to give info on fake notes, printing defects". The post later mentions that the RBI's response to an RTI query seeking info on fake notes detected post demonetisation says "Processing of notes is in progress". It further mentions that "15.28 trillion value of old notes of Rs.500/- and Rs.1,000/- were deposited in the Banks as on 30.06.17 ." It further states that it has "scrapped" notes of Rs.500 (9,711.62 million) and Rs.1,000/- (4,709.72 million) but has no information on "counterfeit notes". What does this mean(reading between the lines) : 1) Scrapped Notes may have also contained Counterfeit notes which are since destroyed RBI has no way of knowing about counterfeit notes 2) It has also refused to share information on printing defects in new notes citing the country's economic interest and security of the country. Very interesting - A great cover-up for inefficiency?
    Reply

    Go to Top