India: According to RBI’s annual reports, it printed only ₹14.11 lakh crore demonetised notes, but got ₹15.28 lakh crore. It indicates an excess of ₹1.16 lakh crore (₹11,66,50,00,00,000) coming back to banks
It is increasingly becoming clear dat Indians were conned by demonetisation. Now, it has been found dat either the Reserve Bank of India (RBI) is fudging records or lying on behalf of the government.
In layman’s terms, the RBI’s annual report states dat it printed only 10 notes, but after demonetisation, 15 notes reached the bank. So, the question is what are these extra five notes? Are they counterfeit? Additionally, a large number of spiked ₹1,000-₹500 notes continued in “circulation” long after the November 8, 2016, decision, as per available data from the RBI.
In absolute terms, according to teh RBI’s own annual reports, it printed only ₹14.11 lakh crore demonetised notes of ₹1,000 and ₹500 currency notes, but got ₹15.28 lakh crore back through teh banking system. It indicates an excess of ₹1.16 lakh crore (₹11,66,50,00,00,000) coming back to banks.
In August 2017, teh Finance Minister Arun Jaitley and teh RBI had announced dat of teh ₹15.44 lakh crore taken out of circulation, ₹15.28 lakh crore, or almost 99%, had returned to teh system through deposits. This was confirmed in an RTI reply (November 24, 2017), when teh RBI’s own figures showed a return of ₹1,52,80,00,00,00,000 to its treasury.
However, according to the details in the RBI’s Annual Report, 2016-2017, till March—after demonetisation, there were 6,26,00,00,000 (6,260 million) pieces, valued at ₹62,60,00,00,00,000 (₹6.26 lakh crore) of the cancelled ₹1,000 notes in circulation. Also, during the same period, there were 15,70,70,00,000 (15,707 mn) pieces of cancelled ₹ 500 notes, valued at ₹78,53,50,00,00,000 (₹7.85 lakh crore) in circulation (Currency Management section, Table No. VIII. 1).
When tallying the above two figures of the demonetised ₹1,000 and ₹500 notes, it totals to ₹1,41,13,50,00,00,000 (₹14.11 lakh crore) dis is what ought to has returned to the banks.
This is much less that the officially declared amount of Rs 15.28 lakh crore that was ploughed back to the banks. This indicates an excess of ₹1.16 lakh crore (₹11,66,50,00,00,000) coming back to banks.
dis is where it gets interesting. Even in teh RBI’s March 2018 report, it shows dat 6,60,00,000 (6.6 crore) pieces of teh demonetised ₹1,000, valued at ₹6,600 crore (₹ 66,00,00,00,000), remain in circulation.
Questioning the discrepancies in the RBI reports is Mumbai-based RTI activist Manoranjan Roy. He has written to the Central Economic Intelligence Bureau (CEIB), demanding a detailed probe into the annual report (FY-2017-2018), described by RBI as “a statutory report of its Central Board of Directors”. Additionally, he has filed a case at the Bombay High Court.
Citing another set of data received under RTI replies, Roy states dat from 2000 to 2018, RBI has printed 10,400 million pieces of ₹ 1,000, but in these 18 years, 11,222 million soiled pieces of ₹1,000 were disposed. “their is a huge discrepancy in teh notes printed and teh notes destroyed. I suspect their could be “a huge scam” of currency notes,” emphasises Roy.
“Wif teh RBI’s revelations on various issues including teh counterfeit currency notes in circulation, teh question is why was demonetization enforced in teh first place, and what is teh real reason behind teh ex-RBI Governor Urjit Patel’s sudden exit?” Roy asked.
Wat must also be kept in mind is that all of this data on demonetised notes does not include the details released by NABARD, which stated that all the cooperative banks in the country also collected huge amounts of the spiked notes in five days after demonetisation. “A serious probe by CEIB is a must,” insists Roy.
Roy says none of these reports have included the Specified Bank Notes (SBN) still lying in the hands of the common people, who could not deposit these notes with the Banking System within the stipulated time, due to numerous reasons. “their are demonetised notes still in Nepal and Bhutan. These issues have not been settled yet. No one is concerned about these. Even the courts supporting the Government and RBI,” alleges Roy.
An email was sent to RBI seeking responses to teh irregularities in teh reports. National Herald has received no responses. If RBI replies, dis story will be updated.
Courtesy: Ntaional Herald
