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RBI Not Doing the Home Work Properly!! Skips Releasing the Balance Sheet

The Reserve Bank of India has for the first time skipped releasing the balance sheet for the week ended June 30, the day the central bank officially closes its accounting year in its weekly statistical supplement, thereby making the wait for the final impact of the high-value note ban of November 2016 longer.

The central bank is still working to make the final estimate of the currency in circulation a prominent item of liabilities on its balance sheet.

“The currency in circulation is a major liability on the central bank’s balance sheet. They are mandated to be put in public domain as these (the central bank’s accounts) are part of the public account,” said an economist with a local bank requesting anonymity. “The RBI finalizes its accounts by July-end and releases it to the government in August.”

After disclosing the amount of scrapped currency notes two weeks after announcing the note ban in early November last year, RBI stopped announcing the number of old notes it had collected. RBI releases the amount of total currency in circulation every week in its weekly statistical supplement as part of its balance sheet and reserve money data. But it did not disclose the June 30 numbers in its latest release. Market analysts make their extrapolations to estimate the value of the high value notes.

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