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Mysterious Disappearance Of 500 Notes Worth 88,032.5 Cr Raises Security Concerns For Indian Economy

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While the Reserve Bank of India had a problem with an extra 339.95 million currency notes deposited in vaults between 1999-2010, more than the output of the government security printing presses, now, it is faced with an altogether different issue. While the mints issued 8,810.65 million pieces of the newly designed Rs 500 note, the RBI has only received 7,260 million.

Value of the missing notes is a staggering Rs 88,032.5 crore

No-one knows the whereabouts of the 1,760.65 million of Rs 500 notes which have mysteriously gone missing, taking into account the 210 million pieces printed in the Nashik mint between April 2015 and March 2016. The value of the missing notes is a staggering Rs 88,032.5 cr.

Despite repeated attempts, RBI spokesperson refuses to comment on the missing notes from RBI vaults

RBI spokesperson did not comment despite repeated attempts.

Data obtained under RTI

India prints its currency notes at three government mints – the Bharatiya Reserve Bank Note Mudran (P) Limited, Bengaluru, Currency Note Press, Nashik, and Bank Note Press at Dewas and sends them to the RBI vaults, for further distribution in the Indian economy.

According to data obtained under the Right to Information Act (RTI) by activist Manoranjan Roy, 375.450 million pieces of the newly designed Rs 500 note were printed by the Currency Note Press, Nashik, but RBI records having received only 345.000 million pieces printed between April 2015 and December 2016. In another RTI reply last month, the Currency Note Press, Nashik, said for the financial year 2015-2016 (April 2015-March 2016,) 210.000 million pieces of Rs 500 were supplied to the RBI when Raghuram Rajan was the RBI governor.

The Report of the Currency Note Press, Nashik, has shown the newly designed Rs 500 currency notes were supplied to the Central bank but the RBI annual report does not mention receiving any Rs 500 notes with the new design, in its Public Domain Annual Report on Currency Management. Further information provided by the Currency Note Press, Nashik, mentions 1,662.000 million pieces of the newly designed Rs 500 note were supplied to the RBI in 2016-2017.

Huge Mismatch

The Bharatiya Reserve Bank Note Mudran (P) Limited, Bengaluru, supplied 5,195.65 million pieces of Rs 500 to the RBI and the Bank Note Press, Dewas, supplied 1,953.000 million pieces to the RBI in 2016-2017, but the RBI has received only 7,260 pieces of the newly designed Rs 500 note from all three printing presses. There is a mismatch, as 8,810.65 million pieces of the newly designed Rs 500 note were printed by the three mints in all, but the RBI received only 7,260.000 pieces.

Missing pieces no joke

“The apex bank is indifferent to the harm caused to the Indian economy with such a huge mismatch in highdenomination Indian currency notes printed in the mints and the total received in the RBI vaults. The missing 1,760.65 million pieces is no joke. It raises security concerns about our Indian economy and its stability,” said Manoranjan Roy.

Activist has written to Central Economic Intelligence Bureau and ED

He has written to the Central Economic Intelligence Bureau and the Enforcement Directorate to investigate the irregularities in the millions of high-value currency notes printed in the three mints. Senior RBI officials have defended the mismatch, citing the huge logistics in the printing and supply of currency notes. But, it is strange it should take so long for notes to reach the RBI vaults.

International News

Bangladesh High Court orders high-level probe into power deals with Adani group amid supply cuts

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Bangladesh’s High Court ordered the formation of a high-level enquiry committee comprising international energy and law experts to reevaluate all electricity-related agreements with the Adani group, The Business Standard, a local news portal, reported on Tuesday, November 19.

The bench of Justices Farah Mahbub and Debasish Roy Chowdhury has reportedly ordered the cabinet secretary to form the committee within a month and submit the report to the court in the next two months. 

Adani Power shares closed 0.47 per cent lower at ₹524.10 on Tuesday’, compared to ₹526.60 at the previous market close. 

The court, while hearing a petition, asked why instructions should not be given to cancel the uneven agreements made with the Adani group. It also asked for the documents related to the signing of the deal within a month.

Barrister M Abdul Qayyum, representing the petitioner, filed the writ in the High Court asking for the cancellation of all electricity deals with Adani group. Adani signed the 25-year power purchase agreement in 2017; at that time, no imported coal-based power plants were operational in Bangladesh, as per the report.

Adani’s Bangladesh power supply

Adani group’s Bangladesh power is supplied from Jharkhand’s 1,600 MW power plant. The cost of power is $0.1008 per unit or Tk12 per unit, a Bangladesh Power Development Board official was quoted as saying in the report.

This rate is 27 per cent higher than the rate of India’s other private producers and as much as 63 per cent more than the Indian state-owned plants. 

After Adani Power cut the Bangladesh power supply by half over the unpaid dues, the company also set a deadline of November 7 to switch off the flow of electricity if there was no clarity on the settlement of the outstanding amount.

Bangladesh reportedly owes Adani almost $850 million. Adani group later clarified that it had not demanded the full payment in seven days, as per the report.

Shortage of Power

Bangladesh continues to face a shortage of electricity, increasing the risk of blackouts, even after making a partial payment to Adani group, according to a Bloomberg report on Tuesday. 

Adani Power has received a letter of credit for $170 million, easing pressures from lenders, reported the agency, citing two people aware of the development. The partial payment doesn’t resolve the crisis, but the company won’t halt supplies for now, pending talks with the lenders of the Godda thermal plant in Jharkhand, the officials said. 

“Payments should have been made by this time,” Ahsan H Mansur, governor of Bangladesh Bank, said in a phone interview on Friday as per the report. The central bank “issued an instruction for the payment”, Mansur had said earlier this week.

The Adani electric supply accounts for nearly 10 per cent of Bengladesh’s total supply. The power company reduced its supply further to 500 megawatts on Thursday after cutting it to 700 megawatts earlier, as per the data collected from Power Grid Bangladesh cited in the news report.

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National News

Chhattisgarh: 5 Maoists Killed, 2 Jawans Injured In Narayanpur Encounter; Visuals Surface

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Narayanpur: In a major anti-Maoist operation, at least five Maoists were killed during a fierce encounter with security forces in the dense forests of the Abujhmad region in Chhattisgarh Narayanpur district on Saturday.

The gunfight took place after security personnel received reports about the presence of Maoists in the area.

According to officials, a joint team of security forces launched a search operation early Saturday morning. Around 6 a.m., the forces came under heavy fire, leading to an intense gunfight that lasted nearly five hours.

Statement Of One Of The Jawans

One of the jawan, part of the searching team, said that approximately 20 Maoists were present there, with at least five of them killed during the encounter.

“We were a team of 1,439 personnel deployed in the search operation. The encounter lasted until around 11 a.m., during which several Maoists were also injured. I came back but the search operation is still going on to capture the remaining Maoists,” he said.

2 Security Personnel Injured

During the operation, two security personnel sustained injuries. One of them, identified as Khileshwar Gawade, suffered bullet wounds in the head and right hand, while the other, Hiraman Yadav, was hit in the thigh. Both injured personnel were immediately evacuated and airlifted to Raipur for further medical treatment. Officials have assured that their condition is stable.

Security personnel have so far recovered the bodies of five Maoists, along with some weapons. The process of identifying the dead Maoists is underway.

About Abujhmad Region

The Abujhmad region, which borders Maharashtra’s Gadchiroli district, is known for being a hotbed of Maoist activity. Just last month, security forces achieved an important victory by neutralising 31 Maoists in one of the most successful operations in Chhattisgarh’s history.

On the rising success of such operations, Inspector General of Police, Bastar Range, Sundarraj P., had, last week said that a total of 192 Maoists have been killed this year alone. Authorities believe that sustained pressure from security forces is gradually weakening the insurgents’ grip in the region.

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National News

Congress President Mallikarjun Kharge Slams BJP Over Infiltrator Issue In Jharkhand, Says ‘Ghuspetiya Andar Aa Rahe Aur Shah Sahab So Rahe’

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Jamtara (Jharkhand): As the BJP constantly evoked the issue of infiltration in Jharkhand, Congress President Mallikarjun Kharge said on Saturday that the BJP is scaring everyone in the name of infiltrators and when there is their government in the Centre, why can’t they stop it?

Addressing a public rally in Jharkhand’s Jamtara, Kharge said, “They (BJP) are scaring us in the name of infiltrators. You are in the central government, you are the Prime Minister, you are the home minister, then from where did the infiltrators enter?”

“Ghuspetiya andar aa rahe aur Shah Sahab so rahe,” he added.

He further said that the BJP only knows how to divide.

“When you can stop our helicopters, why can’t you stop infiltrators? They don’t know how to run the government. They only know how to divide. They have raised the matter of infiltrators in the elections and they are making people afraid of this. People are being incited in this way. This won’t work. Now people have understood you,” Kharge added.

About The Chopper Issue

The Congress Chief further targeted the BJP after party MP Rahul Gandhi’s chopper was delayed on Friday and said that today, his chopper was also delayed.

“Rahul Gandhi also did meetings here. We don’t know what problem does BJP has with us. When we want to come our helicopter gets stopped. Yesterday Rahul Gandh’s helicopter was denied permission to fly. Today Shah was coming here so I was stopped today for 20 minutes. His path was different and my path was different. Modiji comes in every way of ours,” Mallikarjun Kharge said.

Congress President Targets BJP Star Campaigners In Jharkhand

Sharpening his attacks further, Kharge targeted BJP star campaigners in Jharkhand and said that they all have gathered like a “war” is going on.

“In Jharkhand helicopters are flying like vultures. Did they come when anyone was in need here.? Some Chief Minister from Assam, Madhya Pradesh, all have gathered like a war is going on. This is battle of democracy where people participate and leaders have no role,” he said.

Voting for the first phase of the Jharkhand assembly elections concluded on November 13, with voting taking place in 43 out of the state’s 81 seats.

Elections on the remaining 38 seats will be conducted on November 20. The counting will be held on November 23.

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