RBI Declines to Provide Information about Black Money Recovered During Demonetisation

Declines

In response to RTI query, RBI said that no information is available about black money and counterfeit notes recovered after demonetisation.

The RBI had scrapped 9,711.62 million demonetized notes of Rs.500 denomination and 4,709.72 million Rs.1000 notes till August 2017, it said.

Regarding the new notes of Rs.500 and Rs.2000, the RTI has revealed that 4,292.225 million notes of new Rs.500 and 3,542.991 million notes of Rs.2000 were printed till March 31, 2017.

The RTI was filed to seek information about black money and counterfeit notes detected post demonetisation in the country. The RBI responded that the processing of notes is in progress.

The central bank declined to give any information on printing defects in the new legal tender of Rs 500 and Rs.2000 citing country’s economic interest. Many reports were there about the variants of new Rs.500 and Rs.2000 notes differing in colour and design.

In response to the RTI, Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) said, “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 clearly states that “information, 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 offence”.

The demonetisation drive was initiated to check black money and counterfeiting in terror activities.