The Reserve Bank had Rs 4.94 lakh crore in 2,000-rupee notes in its possession on November 8.
On November 8, the day Prime Minister Narendra Modi announced that Rs 100 and Rs 500 notes will be scrapped, the Reserve Bank had Rs 4.94 lakh crore in 2,000-rupee notes in its possession. This is roughly 30 per cent of the Rs 15.44 lakh crore that was circulating in 500 and 1,000 rupee notes at the time.
In response to an RTI query from Mumbai-based activist Anil Galgali, the RBI said it had 2,473 million pieces of 2,000 rupee notes on November 8.
On December 13, the
Reserve Bank had said Rs 4.61 lakh crore in new currency has been issued to people over the counter and through ATMs.
"The RBI was well aware of the gamble it was taking on a decision that would wreak havoc on lives of crores of Indian citizens," Mr Galgali said. "You need not be a financial expert to figure out this unwarranted hurry in demonetisation had to result in a financial crunch."
Recently, the RBI put on its website details of information which could not be disclosed under the RTI Act. This includes the currency it distributes to banks.
The move has been questioned by former Information Commissioner Shailesh Gandhi, who had approached the Central Information Commission with a complaint. The RBI, the complaint said, is violating provisions of the RTI Act.
Regarding withholding information about currency distribution, the RBI cited a section of the RTI Act that allows a public authority to withhold information the disclosure of which can endanger the life or safety of any person. The section also allows exemption for information the disclosure of which would identify the source of information or assistance given in confidence for law enforcement or security purposes.
While withholding the information, the bank did not give any reason as how the section would apply in case of information sought by Mr Galgali.
Mr Gandhi said the move was "illegal" and amounted to "usurpation of the powers of the (information) commission", which if followed by other public authorities, could cause complete disruption.
With inputs from PTI