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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.

National News

Ajit Pawar’s Widow Sunetra Swears In As Maharashtra’s Deputy CM, Becomes 1st Woman To Hold The Post

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Mumbai: Late NCP leader Ajit Pawar’s wife, Sunetra Pawar, on Saturday, January 31, took oath as Maharashtra’s Deputy CM at Mumbai’s Lok Bhavan. With her swearing-in, she has become the first woman to become the Deputy Chief Minister of the state. NCP leaders chant ‘Ajit dada amar rahe’ as Sunetra Pawar took oath as Maharashtra Deputy CM.

Maharashtra CM Devendra Fadnavis, Deputy Chief Minister Eknath Shinde, Governor Acharya Devvrat, Chandrashekhar Bawankule, State President of NCP, Sunil Tatkare and NCP MP Praful Patel, Chhagan Bhujbal, among other leaders, were present at Lok Bhavan for the swearing-in ceremony. Before heading to the Lok Bhavan, Sunetra Pawar paid respects at the late Deputy CM Ajit Dada Pawar’s portrait.

Earlier in the day, Pawar was elected as the party’s legislative leader. After Ajit Pawar’s death, a section of NCP leaders had demanded that she be given the post held by her late husband in the Devendra Fadnavis-led cabinet.

Born on October 18, 1963, Pawar is an Indian politician from Maharashtra and comes from the influential Pawar political family.

Speaking of her educational qualifications, she completed her Bachelor of Commerce (B.Com) degree in April 1983 from Dr Babasaheb Ambedkar Marathwada University, S.B. Arts & Commerce College, Aurangabad.

According to her official website, in 2010, Pawar founded the Environmental Forum of India (EFOI), an NGO dedicated to raising environmental awareness and fostering eco-conscious communities.

According to her affidavit, her declared total income for the financial year 2022-23 was Rs 4,22,21,010.

Until the 2024 Lok Sabha elections, Sunetra Pawar had kept a low profile. In the Lok Sabha polls that year, she stood from Baramati as the candidate of her husband’s party, but was defeated by her sister-in-law and incumbent NCP (SP) MP Supriya Sule. Sunetra Pawar was subsequently elected to the Rajya Sabha.

Sunetra Pawar and Ajit Pawar have two sons, Jay Pawar and Parth Pawar, who are actively involved in business and politics.

While speaking to the media, NCP leader Sunil Tatkare said, “We will take Ajit dada’s ashes across the state. We saw a video where a meeting is being held. The meeting took place over tea during an agricultural exhibition. Following the meeting, Ajit Dada stated at a press conference that discussions were held regarding local body elections.”

Ajit Pawar died in the Baramati plane crash on January 28. The incident happened when the jet carrying NCP leader Pawar and others was descending in Pune’s Baramati region.

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Business

New excise duty, health cess on cigarettes, pan masala to begin from Feb 1

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New Delhi, Jan 31: From February 1, the government is bringing a new tax structure for cigarettes, tobacco products and pan masala, aiming to tighten regulation and keep tax levels high on these so-called ‘sin goods’.

An additional excise duty will now be charged on cigarettes and tobacco products, along with a new health and national security cess on pan masala.

These new levies will replace the earlier system under which these products were taxed at 28 per cent GST along with a compensation cess that has been in place since the launch of GST in July 2017.

The government is also introducing a new MRP-based valuation system for several tobacco products such as chewing tobacco, filter khaini, jarda scented tobacco and gutkha.

Under this system, GST will be calculated based on the retail price printed on the packet, instead of factory value.

This move is expected to reduce tax evasion and improve revenue collection. Pan masala manufacturers will now have to take fresh registration under the new health and national security cess law starting February 1.

They will also be required to install CCTV cameras that cover all packing machines and store the video recordings for at least two years.

In addition, companies must inform excise authorities about the number of machines in their factories and their production capacity.

If any machine remains non-functional for 15 days in a row, manufacturers will be allowed to claim a reduction in excise duty for that period.

Even after the new changes, the government has ensured that the overall tax burden on pan masala, including 40 per cent GST, will remain around the current level of 88 per cent.

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National News

‘Must Have Been BJP Pressure’: Sena UBT Leaders Question Sunetra Pawar’s Swearing-In As Maharashtra Deputy CM 4 Days After Ajit Dada’s Death

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Mumbai: Shiv Sena UBT leaders on Saturday, January 31, has sharply reacted to Sunetra Pawar oath taking ceremony as the Maharashtra Deputy Chief Minister, questioning the reason for the haste.

Shiv Sena (UBT) spokesperson Anand Dubey raised moral and political concerns, saying, “…Is what is happening moral?… Sharad Pawar is not aware of anything… Maharashtra is not happy with what is happening… What is the reason for this haste?…”

Echoing similar sentiments, Sanjay Raut said he had also heard reports about Sunetra Pawar taking the oath but stressed that Maharashtra is still in mourning over Ajit Pawar’s death. He also slammed the BJP, saying that the party does politics over dead bodies. “Maharashtra has not yet recovered from the grief of Ajit Pawar’s death.”

Calling it their party’s choice, he added, “This is a decision of their party. Praful Patel is a national leader. Sunil Tatkare is also a national leader. If these national leaders have made a decision, then it is their choice.”

Pawar added that Ajit Pawar’s party is an independent faction, hence, “This is a decision within their party. Discussions took place, and a decision is being made.”

He further added, “The BJP is a party that does politics over dead bodies. While Ajit Pawar was alive, their coming together was possible…, but now I don’t know. I am commenting only on the events that have transpired in the BJP case.”

Rajya Sabha MP Priyanka Chaturvedi also hinted at possible pressure from the BJP due to their alliance in the Maha Yuti government in Maharashtra. “…Decision will be made by their (NCP) side, there must have been pressure by BJP too because they are together in Maha Yuti Govt there.”

However, she welcomed the decision that Sunetra Pawar will be the first woman Deputy CM of the state. “I welcome this”, hoping that, “in her new role, she will contribute towards the vision, thinking and commitment of Ajit Pawar for Maharashtra and take Maharashtra towards progress.”

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