According to information received in the RTI, 375.450 million notes of the newly designed Rs 500 were printed at the mint in Nashik from April 2015 to December 2016. But as per RBI records, only 345.000 million printed notes have reached the Reserve Bank.
New Delhi: The Reserve Bank of India (RBI) was already in trouble with the extra 339.95 million notes stored in its vaults between 1999 and 2010. Which was more than the total amount of notes printed in the government printing press. This time the apex bank of the country is facing a completely different problem. Whereas 8,810.65 million notes of newly designed 500 rupees have been released from mint. But, RBI received only 7,260 million. 1,760.65 million notes are missing. The value of this huge amount of notes that disappeared or got lost is Rs 88,032.5 crore. Which is undoubtedly of utmost concern for the Indian economy. Even the security of the RBI vault has been questioned. The information about this misunderstanding has been leaked in the wake of the Right to Information Act (RTI) application filed by activist Manoranjan Roy. The activist has demanded an ED investigation into the matter.
According to information received in the RTI, 375.450 million notes of the newly designed Rs 500 were printed at the mint in Nashik from April 2015 to December 2016. But as per RBI records, only 345.000 million printed notes have reached the Reserve Bank. No one can say where this 1,760.65 million 500 rupee notes printed in the new design went! This includes 210 million notes printed at the Nashik mint between April 2015 and March 2016. However, no official of the Reserve Bank agreed to coment about the mysterious disappearance of notes from the RBI vault. Raghuram Rajan was the governor of apex bank RBI during the period when the notes in the vault were not accounted for.
Indian currency notes are printed in three government mints. Reserve Bank of India Note Mudran (Pvt) Limited at Bangalore, Currency Note Press at Nashik and Bank Note Press at Dewas. After printing at the mint, all notes are sent to the RBI vault. From there the notes spread throughout the Indian economy. Now Nashik's mint report shows that the newly designed Rs 500 note has been delivered to the central bank. But the RBI's annual report on currency management released to the public has no mention of getting a new Rs 500 note. The Mint at Nashik further disclosed that 1,662.000 million newly designed Rs 500 notes were supplied to the Reserve Bank in 2016-17. But the calculation does not match!
Meanwhile, Reserve Bank of India Note Mudran (Pvt.) Limited, Bangalore, supplied Rs 5,195.65 million 500 notes to the RBI during the financial year 2016-17. And Bank Note Press at Dewas also supplied 1953.000 million notes to RBI in 2016-17. But the RBI report mentions receipt of only 7,260 million 500 rupee notes of the new design from three mints. As a result, the calculations do not match. While a total of 8,810.65 million new design Rs 500 notes were printed in three minutes, RBI received only 7260.00 million notes. The rest of the notes are unaccounted for.
According to movement activist Manoranjan Roy, disappearing notes like this is not child's play. The apex bank is oblivious to the huge loss to the Indian economy caused by this huge discrepancy between the total notes printed at the mint and the total notes available in the RBI vaults. This incident raises questions about the security of the Indian economy. His stability has become a concern. He has written to the Central Economic Intelligence Bureau and the Enforcement Directorate (ED) demanding an investigation into the irregularities in the notes printed in three government mints.
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