In An RTI Reply, RBI Claims To Have No Information On Black Money & Counterfeit Notes Post Demonetisation

The Logical Indian Crew

October 24th, 2017 / 11:18 AM

Image Credit: New Indian Express, Indian Express, Pixabay

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.


Contributors

Written by :

Edited by :

Share your thoughts..

Related Stories

Demonetisation RBI

RBI Okayed Note Ban But Said It Won’t Help In Curbing Black Money & Counterfeit Notes: Report

SBI ATM RTI

After 21 Months Of Demonetisation, 18,135 SBI ATMs Still Can’t Dispense New Notes: RTI Reply

23,000 Loan Fraud Cases Of Rs 1 Lakh Crore Reported In Last 5 Years: RBI In RTI Reply

15 Months After Demonetisation, RBI Still Processing Returned Notes: RTI Reply

Aadhaar

Never Passed Order To Link Bank Accounts With Aadhaar: RBI In RTI Reply

No Information On How Much Black Money Was Removed By Demonetisaion: RBI

Latest on The Logical Indian

Exclusive

South Delhi: Resident Welfare Association Claim That Public Parks Are Being Used For Political Activities

News

Ajit Doval’s Son Files Defamation Complaint Against Jairam Ramesh & Caravan Magazine

News

India’s Inequality: Country’s Richest 1% Grew Their Wealth By 39% In 2018, Says Oxfam Report

Get Inspired

All Women Assam Rifles Contingent To Script History, Will March Past Rajpath This Republic Day For The First Time

News

Mukesh Ambani Announces Plan To Take On Online Retail Giants Amazon And Flipkart

Awareness

With USA Looking To Tighten Visa Rules, What Lies Ahead For Spouses Of H-1B Holders?

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.