RBI rejects Reports of Missing Banknotes worth Rs.88,032 Crore

The Reserve Bank of India(RBI) has clarified the alleged lost banknotes that have been discussed in various media outlets. The RBI has said unequivocally that the reports are incorrect. It was also stated that all notes issued to the RBI by the printing press are fully accounted for.

The RBI also said that there are rigorous procedures in place for the reconciliation of banknotes created at presses and given to the RBI, including processes to oversee banknote manufacturing, storage, and distribution.

According to data disclosed under the Right to Information Act (RTI), the RBI received just 7,260 million of the 8,810.65 million freshly designed 500 note pieces produced by the three mints.

The three Indian organisations that produce currency notes are Bharatiya Reserve Bank Note Mudran (P) Limited in Bengaluru, Currency Note Press in Nashik, and Bank Note Press, Dewas in Madhya Pradesh.

According to reports, the activists contacted both the ED and the Central Economic Intelligence Bureau (CEIB) to enquire about the gap. Senior RBI officials have also defended this disparity by stressing the considerable logistics involved for currency note production and circulation.

The Press release that was release by RBI Stated as:

The Reserve Bank of India (RBI) has come across reports circulating in certain sections of the media alleging missing of banknotes printed by banknote printing presses. The RBI emphasizes that these reports are not correct.

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. It is further informed that there are robust systems in place for reconciliation of banknotes printed at the presses and supplied to RBI which include protocols to monitor production, storage and distribution of banknotes.

Members of the public are, therefore, requested to rely on the information published by RBI from time to time in such matters.