On the day Prime Minister Narendra Modi announced scrapping of Rs 1,000 and Rs 500 notes, the Reserve Bank of India (RBI) had only Rs 4.94 lakh crore in 2,000-rupee notes, which was approximately one-fourth of over Rs 20 lakh crore it had in demonetised currency notes. A Right to Information (RTI) response from RBI to Mumbai-based activist Anil Galgali says on November 8, it had Rs 9.13 lakh crore in 1,000 rupee notes while Rs 11.38 lakh crore in 500 rupee notes. RBI says it had 2,473 million pieces of 2,000 rupee notes on November 8, which had a value of Rs 4.94 lakh crore. Surprisingly, RBI withheld information about distribution of currency notes to banks between November 9 and November 19, citing section 8(1)(g) of the RTI Act which allows a public authority to withhold information disclosure of which would endanger the life or physical safety of any person.
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First Published: Tue, December 20 2016. 00:51 IST