'How many fake notes? Even RBI doesn't know, reveals RTI inquiry

Latest News - The Reserve Bank of India has admitted it has no confirmed data of the number or value of fake currencies detected since the demonetisation of Rs 500 and Rs 1,000 notes, a Right to Information (RTI) query has revealed.

"We presently don't have the confirmed data on this query," said a reply from the RBI's Department of Currency Management (Forged Note Vigilance Division), to prominent activist Anil V Galgali.

In a pointed query, Galgali had asked the RBI to provide details of the number or value of the fake Notes detected post-demonetisation, the name of the banks, dates etc between November 8 and December 10, 2016.

"However, the RBI has made it clear that nearly 11 weeks later, it has simply no data available on this crucial aspect. So the government's claims to demonetise as a weapon to kill fake currency is proving hollow," Galgali said.

He pointed out that Prime Minister Narendra Modi had said that demonetisation would help wean out counterfeit currency notes and choke terror fundings.

"The RBI's replies make it obvious that the government has failed in this endeavour or raised the bogey of fake currencies merely to implement demonetisation. It's now up to the PM to declare the figure/value of counterfeit notes recovered, in national interest," Galgali said.(Read More)

RBI has no data on scams in co-op banks post demonetisation, reveals RTI

The RBI has admitted that it has no details of any irregularities or scams in the exchange of the demonetised currency notes of Rs 500 and Rs 1,000 by the cooperative banks, a reply under RTI revealed on Monday.

Prominent RTI activist Anil Galgali had sought information under the RTI on the extent of irregularities committed by state cooperative banks between November 8 and December 10, 2016, and alleged corruption by officials.

"However, according to its reply under the RTI, the RBI does not seem to have any data to justify its conclusion of widespread irregularities and scandals in exchanging the old currency notes vide state and district cooperatives banks across the country," Galgali told IANS, showing the terse RBI communication.

Six days after the demonetisation, the Centre had abruptly overturned its decision to permit note exchanges and disbursing the new currency notes on grounds of alleged money-laundering being carried out by state and district cooperative banks.

The decision directly hit millions of farmers, rural and semi-rural populations dependent on cooperative banks for access to formal banking services, sparking off a political uproar.(Read More)