Friday, March 17, 2017

RBI refuses to share data on old currency deposited in J&K

State Times‎‎‎: Jammu: Friday, March 17, 2017.
Contrary to the general perception that Reserve Bank of India (RBI) is well aware of all the transactions made by the companies and individuals in the bank accounts, but the fact is otherwise or must say shocking, yes the Reserve Bank of India has itself stated that it does not keep such data.
In an official communiqué in response to an RTI application of applicant Raman Sharma, the Chief Public Information Officer of the Reserve Bank of India vide their letter number RBIND/R/2017/50598 dated16th March 2017 have stated that the sought information is not available in the form in which it is sought and rejected his RTI plea.
Earlier in his RTI plea dated 14th February 2017, Raman had asked for detail of total number of currency notes of Rs 2000 and Rs. 500 that were issued to different banks/ financial institutions operating in Jammu and Kashmir State between the period 8th November to 31st December 2016.
In the same RTI plea, the applicant also wanted to know from the Central Bank about the total number of old currency notes of Rs 1000 and Rs 500 that were deposited in different banks/financial institutions operating in J and K State, between the period 8th November to 31st December 2016.
While responding 1st part of the application, the RBI invoked Section 7(9) of the Right to Information Act 2009 and said collecting such information would divert disproportionally the resources of the bank as such information is not available with it.
Expressing displeasure over the response of the Reserve Bank of India, the information seeker Raman accused it of stone walling and shying away from transparency, he said it is unbelievable that such a highest and statutory body is unaware of the currency notes distributed and deposited in banks.
He also referred the preamble of the RBI act 1934 which states the basic functions of the bank as “…to regulate the issue of Bank Notes and keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage.”