RBI quashes reports of ‘mysterious disappearance’ of Rs 500 notes worth crores  

The Reserve Bank of India (RBI) on Saturday dismissed reports suggesting that Rs 500 banknotes are missing from circulation. The media reports had claimed that Rs 500 notes worth Rs 88,032.5 crore are missing from the Indian economy. The RBI further said in its clarification that these reports are based on information collected under the Right to Information (RTI) Act, 2005 from the banknote printing presses.  

The central bank further added that all banknotes supplied from printing presses to the RBI are properly accounted for.  

The RBI said in its clarification: “The Reserve Bank of India (RBI) has come across reports circulating in certain sections of the media alleging missing of banknote printing presses. The RBI emphasises that these reports are not correct”.  

The central bank’s response came after media reports citing an RTI reply related to missing currency notes went viral. The RTI reply stated that 375.450 million pieces of Rs 500 notes with a new design were printed by Nasik’s Currency Note Press. The report, however, claimed that the RBI record showed only 345 million printed pieces were received by the central bank between April 2015 and December 2016.  

The central bank also assured customers that there are strong systems in place for the reconciliation of banknotes printed at the presses and supplied to the RBI. These systems include protocols to monitor production, storage, and distribution of banknotes. 

The RBI further said: “Members of the public are, therefore, requested to rely on the information published by RBI from time to time in such matters”.  

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