In An RTI Reply, RBI Claims To Have No Information On Black Money & Counterfeit Notes Post Demonetisation
October 24th, 2017
In response to an RTI query, the Reserve Bank of India (RBI) said that no information is available about black money and counterfeit notes recovered post demonetisation.
The RTI query which was filed by the The Times of India, seeking information on the fake currency detected post demonetisation. “Processing of notes is in progress,” the central bank replied.
In another response to the reports of variants of new Rs 500 and Rs 2,000 notes differing in colour and design, the RBI declined to give information on printing defects, citing the country’s “economic interest,” but later clarified that they are all valid legal tender.
In response to the RTI application, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) replied, “The information sought by the applicant cannot be furnished since it falls under the ambit of Section 8 1(a) of the RTI Act.”
Section 8 1(a) of the RTI Act states that “information, the disclosure of which would prejudicially affect the sovereignty and integrity of India, the security, strategic, scientific or economic interests of the State, relation with foreign State or lead to incitement of an offense”.
RBI to acquire more CVPS machine
“To check the numerical accuracy and authenticity of currency notes, the RBI uses highly sophisticated Currency Verification and Processing Systems. 59 CVPS are in operation in RBI for the purpose of processing SBN (specified bank notes), seven CVPS machines available with commercial banks are also being used. Besides, steps have been initiated to acquire more CVPS machines on lease,” RBI replied to another RTI query.
Demonetisation was announced on November 8, 2016, by our Prime Minister Narendra Modi as a measure to check black money and curb corruption, quell crime and counterfeiting in apprehension activities. But according to the recently published RBI’s annual report, of the Rs 15.44 lakh crore worth old currency notes of Rs 500 and Rs 1,000 in circulation, Rs 15.28 lakh crore returned. This means as much as 99% of banned currency notes have returned to banks.
Given the figure now it should be widely accepted that stated goals of demonetisation of combating black money and terrorism have been either overhyped or unmet.