RBI has no ‘confirmed data’ on fake notes detected since demonetisation, reveals RTI

The Reserve Bank of India has admitted to not having any confirmed data on the number or value of fake currencies detected since the demonetisation of Rs 500 and Rs 1,000 notes, a 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 RTI activist Anil Galgali.

In his query, Galgali had asked the RBI to provide details of the number or value of the fake currencies detected post-demonetisation, between November 8 and December 10, along with other details like name of banks, dates etc.

“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 told news agency IANS.

The activist also pointed out that Prime Minister Narendra Modi, at the time of announcing demonetisation, had said that it 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 prime minister to declare the figure/value of counterfeit notes recovered, in national interest,” Galgali said.

Last week, the RBI also said that it did not know the exact number of demonetised currency notes that were in circulation and it is still reconciling the number of notes that were deposited in banks after November 8.

The central bank, in a written submission to Parliament’s Public Accounts Committee (PAC), had said, “The exact number of Specified Bank Notes (SBNs) withdrawn from circulation is being worked out.”