Sadly, this is not even a drop in the bucket of the corruption in India. There are a few scams going on here with the few extra notes. First, the printer is double printing bills and keeping the duplicates. Second, there is a ton of counterfeiting going on all around the country so you get extras that eventually show up in the system. Third, they literally lost track of the bills or don't really know how much they printed. I'm obviously missing a few, but it is a start.
This pretty much sums up the incompetence and complete lack of regard for something as important as a nation's currency:
RBI: It may be a big number, but in terms of currency notes, when you are printing hundreds of millions of notes, a few million will not matter.
When you look at this specific example, Rs 970 crore isn't that big of a deal. It's only a scam the size of about $160 million USD. Look at Bernanke pumping out $85 billion at the printing presses each month. The Fed makes this little scam in India look like a walk in the park.
Either way, this is the inevitable fate of all fiat currencies and a perfect example on why we are proponents of gold and silver. You can't print, thus, counterfeit gold and silver. Own physical.
- AK Coins
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