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Thursday, November 30, 2023
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CIC demands disclosure on Data on printing of Rs 2000 and Rs 500 post demonetisation

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The note printing subsidiary of the RBI has failed to explain how disclosure of data on Rs 2,000 and Rs 500 notes printed after demonetisation will affect economic interests of the state, the CIC has noted ordering its disclosure.

The Bhartiya Reserve Bank Note Mudran (P) Limited, a wholly owned subsidiary of the Reserve Bank of India (RBI), claimed that the printing of currency and related activities cannot be shared with people as it will result in “proliferation of counterfeit currency and economic chaos, it observed.

The matter was being heard by Information Commissioner Sudhir Bhargava.

In a surprise demonetisation decision, Prime Minister Narendra Modi had on November 8, 2016, announced that Rs 500 and Rs 1000 notes, which constituted 86 per cent of total currency in circulation, would cease to be legal tender with immediate effect.

They were replaced by new Rs 2000 and Rs 500 currency notes but their erratic supply saw empty ATMs and long lines of people outside banks trying to cope with rationing of currency.

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