Despite having only 25 per cent of 2,000 Notes Replaceable on November 8, RBI went ahead with De-monetization; On November 8, Notebandhi Day, the RBI had just Rs 4.95 lakh crore worth in Rs. 2000 Notes.
On November 8, 2016, the day Prime Minister Narendra Modi announced demonetization , The Reserve Bank of India (RBI) had only 24732 lakh new notes of Rs 2000 denomination in its stock, valued at a total of Rs 4,94,640 Crores. This is actually was less than one-fourth of RBI's own stock of demonetizated notes of Rs 500 & Rs 1000 currency valued at Rs 20,51,166.52 Cr that turned in to 'shreds of paper' on that very day.
These startling facts have come to light through an RTI reply communicated by RBI to Mumbai-based RTI activist Anil Galgali. The exact stock position as revealed in the reply to the RTI application can be read below.
Interestingly, It has also been revealed that not a single new note of Rs 500 in currency was available with RBI on the day demonitisation was implemented.
On D-day, apart from newly printed Rs 2000 notes, RBI had a total stock of Rs 23,93,753.39 in its kitty. 85.6% of these 'older' notes valued at Rs 20,511,66.69 were of the demonetizated Rs 500 and Rs 1000 demonetization. While Rs 10, Rs 20, Rs 50 & 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 Ms Suman Rai, Public information Officer to Galgali indicate.
Says Anil Galgali, “RBI was well aware of the gamble it was taking on a decision that would wreck havoc on lives of crores of Indian citizens.
You need not be a financial expert to figure out that this unwarranted and un-thought through hurry in demonetization would result in a financial crunch.
With 86.69% of available stock of currency notes being taken away from circulation and less than one-fourth (24.11%) of these being replenished by newly printed Rs 2000 notes, the decision of demonetization was neither prudent, nor reasonable, added Galgali.