Demonetization has stirred up a lot of questions in everyone’s mind. The numbers and the figures shown on various television channels just buzzed my mind off. The actual number of notes versus the actual value of notes and then various calculations were just bloating in my mind. However, finally, after 2 months, we have a simple number that sums up the whole story and that’s the actual money that RBI needed to make MONEY.
Well, according to an article posted on India Times website, RBI spent around Rs 3.09 on every Rs 500 note and Rs 3.54 on every Rs 2000 note.
This confidential information was first made public when an RTI request was made by an RTI activist Subhash Chandra Agarwal on this question before the demonetization. The printing cost depends on various factor. One such is the location of the printing process. In India, printing of notes takes place only in 4 places. There are just two major printing authorities in India.
- Bhartiya Reserve Bank Note Mudran Pvt Ltd
- Security Printing And Minting Cooperation
According to the RTI, the cost of printing 1000 NUMBERS of Rs 500 notes is Rs 3090, hence it takes Rs 3.09 to print a Rs 500 note. Here the price of printing is set by Bhartiya Reserve Bank Note Mudran Pvt Ltd. Even after the demonization of old Rs 500 note, the price of printing new Rs 500 remains the same. Also, the cost of printing 1000 number of Rs 1000 notes is Rs 3540, hence making it Rs 3.54 to print every Rs 1000 note. Even in this case, the price of printing was set by Bhartiya Reserve Bank Note Mudran Pvt Ltd.
However, when the authorization of printing changed to Security Printing And Minting Cooperation, the cost of printing a Rs 500 note became 2.970 (Dewas) while the price of printing a Rs 1000 note became Rs 3.732 (Nashik)
But what about Rs 2000? Till today, there is no clear picture about it. But if we go by the new RTI application filed by RTI activist Anil Galgali, published by Janta Ka Reporter, Bhartiya Reserve Bank Note Mudran Private Limited (BRBNMPL) charged Rs 3.54 for every Rs 2000 note, same to that of what they had been printing for Rs 1000 note. STRANGE ! !
There is still a lot of confusion for the actual value of printing these currencies as the BRBNMPL has refused to disclose the information regarding the quantity ordered to print its total amount contract, the amount released and amount pending.
What is your take on this issue? If you have more information regarding this topic, feel free to share your opinion in the comment section below.