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Demonetisation: How RBI ends up creating confusion

The Reserve Bank of India is the repository of all information regarding currency printing and circulation. Therefore, the details given by senior officials are expected to be accurate. On Wednesday, during the press conference following the fifth bi-monthly monetary policy committee meeting, Deputy Governor R. Gandhi said Rs 11.85 lakh crore was the total value of the banned Rs 1,000 and Rs 500 currency notes that had been returned to the banking system.

A little later, while another question was being asked, he interjected to say “Rs 11.55 lakh crore” which was repeated by RBI Governor Urjit Patel. Earlier, while replying to a question, Gandhi had said Rs 11 crore, and then paused before softly saying “Rs 11.85 lakh crore… almost Rs 12 lakh crore”. In the “edited transcript” released by the RBI, Gandhi’s statement on Rs 11.85 crore was glossed over and the figure, as a reply to the question, showed only Rs 11.55 crore. However, because of the confusion, various media outlets continue to give different figures.

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