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RBI Trying to Save Government’s Image?

reserve-bank-of-india-trying-to-save-government-imageThe Reserve Bank of India (RBI) is hiding the details of how much currency has been printed since Demonetization was announced. The Central Bank is not even furnishing the details even when asked under the Right to Information Act. In a reply about the printing of 10, 20, 50, 100, 500 and 2,000 notes between November 9 and 19, RBI said it has no such information.

Such information would reveal about the demand and supply gap in the country. The RBI did not provide information regarding the distribution of notes to banks as such information will give rise to allegations about RBI being partial to private banks and banks in Urban areas.

RBI refused to give the information citing Section 8 (1) (g) of RTI Act, 2005. This section says information can be denied if the disclosure would endanger the life or safety of any person. It is clear that on both the occasions, RBI is just trying to avoid giving the information to save the government from possible embarrassment.

RBI prints the currency notes by Bharatiya Reserve Bank Note Madras (BRBNMPL) in Bengaluru and Security Printing and Mining Corporation (SPMCL) in New Delhi. It is absurb that these printing presses print currency without the knowledge or orders of the Reserve Bank of India (RBI).

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