The Reserve Bank of India (RBI) has refuted recent reports regarding missing banknotes printed by banknote printing presses.
The RBI clarified that these reports were inaccurate and based on a misinterpretation of information obtained through the Right to Information Act, 2005.
Officials from the RBI emphasized that all banknotes supplied from the printing presses to the RBI are duly accounted for.
“These reports are based on an erroneous interpretation of information collected under the Right to Information Act, 2005 from the printing press,” officials said.
Robust systems have been put in place to ensure the reconciliation of banknotes printed at the presses and supplied to the RBI. These systems include protocols to monitor the production, storage, and distribution of banknotes.
The RBI urges the public to rely on information published by the RBI itself on such matters. They assure the public that accurate information will be provided from time to time.
RBI had previously announced the withdrawal of the Rs 2,000 denomination currency notes from circulation, while still maintaining their legal tender status. Banks have been advised to discontinue issuing Rs 2,000 banknotes with immediate effect.
Individuals can exchange or deposit their Rs 2,000 notes at bank branches and regional branches of the RBI. Non-account holders can also exchange Rs 2,000 banknotes up to a limit of Rs 20,000 at any bank branch.
The RBI has set September 30 as the deadline for completing the exchange exercise, allowing adequate time for the public to make the necessary transactions. However, the RBI may review the September deadline based on the prevailing situation.
Introduced in November 2016 to meet the immediate currency requirements after the demonetization of Rs 500 and Rs 1,000 banknotes, the Rs 2,000 denomination banknote was phased out as banknotes in other denominations became more readily available. Printing of the Rs 2,000 banknotes ceased in the financial year 2018-19.
As of March 31, 2023, the total value of Rs 2,000 banknotes in circulation had declined significantly, accounting for only 10.8% of the total Notes in Circulation. It was also observed that this particular denomination is not commonly used for everyday transactions.
