On D-day, RBI had only 5L cr new Rs 2000 notes
Mumbai - Known RTI activist Anil Galgali has received the information that may shock one and all. The RBI has informed Galgali, in response to his RTI query, that it had only 24732 lakh new notes of Rs 2,000 (Rs 4,94,640 crore) denomination in its stock when prime minister Narendra Modi announced his controversial decision of demonetisation of high value currency notes on November 8. This actually was less than one-fourth of RNI’s own stock of demonetized notes of Rs 500 and Rs 1000 currency valued at Rs 20,51,66.22 crore that turned into ‘shreds of paper’ on that very day.
Interestingly, it has also been revealed that not a single note of Rs 500 in currency was available with RBI on the day of demonetisation was implemented. On the D-day, apart from newly printed Rs 2000 notes, RBI had a total stock of Rs 23,93,753.39 in its kitty. Total 85.6% of these older notes valued at Rs 20,511,66.69 were of demonetized Rs 500 and Rs 1000 denominations while Rs 10, 20, 50 and Rs 100 stock available with RBI at Rs 34,25,86.86 was a mere 14.31% of the notes in currency on that day, facts revealed by Suman Rai, Public Information Officer, to Galgali indicate.
According to Anil Galgali, RBI was well aware of the gamble it was taking on a decision that would wreck havoc on lives of crores of Indians. You need not be a financial expert to figure out this unwarranted hurry in demonetisation had to result in a financial cruch. With 86.69% of available stock of currency notes being taken from circulation and less than one-fourth (24.11%) of these being replenished by newly printed Rs 2000 notes, the decision of demonetisation seems neither prudent, nor reasonable, said Galgali.