RBI has no idea how much it cost to print the new notes

RBI has no idea how much it cost to print the new notes: The apex bank said it doesn’t have the information...

RBI’s expenses
This refers to the report “RBI has no idea how much it cost to print the new notes” (BL Exclusive, January 18). It is unfortunate that a newspaper known for its adherence to prudent and ethical behavior in journalism is trying to sensationalize a common sense response from RBI, in a routine manner. By such tactics, Business Line joins the category of ‘RTI activists’ who survive by giving the common man the impression that RTI Act is an instrument for law enforcement or collecting any information from any organization covered by that Act.
Compared to many other organisations in the public sector and private sector, RBI has a fairly transparent accounting practice as is evident from its Annual Report, which carries information about the sources of income and details of expenditure the central bank incurs to perform its various functions. The information sought, namely ‘the cost of printing new Rs500 and Rs2000 notes’ may not be available with RBI, as it is still a work in progress. The question is like asking Hotel Taj International the cost of making rotis during a particular period. The hotel may still attempt to give some guestimate figures, which RBI may not be comfortable doing.
My humble submission is, media has worthier and more important things to do at this point of time and should avoid diverting precious resources chasing shadows.

M GWarrier, Mumbai


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