"Wrong interpretation of RTI info": RBI on reports of missing banknotes

The Reserve Bank of India (RBI) has clarified that reports alleging missing Rs.500 notes worth Rs.88,032 crore from the system are erroneous.

In a late night press release, RBI said that certain sections of the media have circulated reports alleging the disappearance of bank notes printed by bank note printing presses.

According to RBI, these reports are based on erroneous interpretation of information collected under the Right to Information Act, 2005 from the printing presses.

RBI urged the public to rely on the information published by RBI from time to time in such matters.

On Saturday, a Free Press Journal report had cited data obtained through Right to Information act by activist Manoranjan Roy, stating that ₹500 notes worth Rs. 87,032.50 crore are missing.

The data from three printing presses revealed that 8810.65 million pieces of the newly designed Rs. 500 notes were printed by three currency note presses. However RBI records show that only 7260 million pieces were received during 2016-17.