RTI query reveals mismatch between numbers of Rs 500 notes printed, received by RBI, Rs 88032 crore missing: Report

An RTI query has revealed a gigantic mismatch between the numbers of Rs 500 notes printed in Indian mints and those received by the Reserve Bank of India. Per a Free Press Journal report, the value of the reportedly unaccounted notes is a staggering Rs 88,032.5 crore.

The report claimed the three Indian mints issued 8,810.65 million pieces of the newly designed Rs 500 note but the Reserve Bank of India received only 7260 million. The remaining number of notes is reportedly missing, said the website.

FPJ's queries over the explosive claim to the RBI have now been clarified, and the central bank issued a response about the same.

Clarification on Banknote pic.twitter.com/PsATVk1hxw

— ReserveBankOfIndia (@RBI) June 17, 2023

Indian currency notes are printed in three government-run mints -- Bharatiya Reserve Bank Note Mudran (P) Limited, Bengaluru, Currency Note Press, Nashik, and Bank Note Press at Dewas. These three mints send printed notes to the Reserve Bank of India. It is the RBI that maintains and manages the flow of cash in the country.

FPJ reported activist Manoranjan Roy filed an RTI query with the Reserve Bank of India regarding the status of Rs 500 notes. The report claimed the Nashik mint printed 375.450 million pieces of the newly designed Rs 500 note but the RBI records show it only received 345 million pieces between April 2015 and December 2016, In another RTI reply, the Currency Note Press, Nashik, said for the financial year 2015-2016 (April 2015-March 2016,) 210.000 million pieces of Rs 500 were supplied to the RBI when Raghuram Rajan was the RBI governor, reported FPJ.

The Bharatiya Reserve Bank Note Mudran (P) Limited, Bengaluru, supplied 5,195.65 million pieces of Rs 500 to the RBI and the Bank Note Press, Dewas, supplied 1,953.000 million pieces to the RBI in 2016-2017, but the RBI has received only 7,260 pieces of the newly designed Rs 500 note from all three printing presses, reported FPJ.

Hence, RBI received only 7260 million pieces of bank notes as against 8810.65 million pieces printed by the three mints.

Roy told the website that such a huge number of missing notes is a threat to national security. He has written to the Central Economic Intelligence Bureau and ED seeking probe into the matter.