RBI governor Urjit Patel said the central bank has recalibrated production in last two weeks to print more Rs 500 and Rs 100 notes
Since the demonetization drive began on November 8, the Reserve Bank of India (RBI) has supplied Rs 3.81 lakh crore worth of new currency notes up to December 5 and 19.1 billion pieces of lower denomination notes of Rs 100, Rs 50 and Rs 20. This is more than what the central bank had supplied to the public in the whole of last three years.
RBI governor Urjit Patel said the central bank has recalibrated production in last two weeks to print more Rs 500 and Rs 100 notes.
Total bank deposits in the form of old currency notes so far is Rs 11.55 lakh crore, according to the centralised data collated by RBI from all the banks.
R Gandhi, deputy governor in charge of currency management, said, “The motivations for the decision are to deal with the problem of high quality counterfeit notes in these denominations and unearth black money that may be held in cash. The decision has not been taken in haste but after detailed deliberations. There had to be a high level of secrecy surrounding this decision and the fact is that such a large country was indeed taken by surprise when the decision was announced.” Urjit Patel and his deputies reiterated that the demonetization exercise was going on in full steam with the all five presses of both RBI and the government, working to full capacity. The currency notes, Patel said, will, however, be printed in lesser quantities as compared to what was there before as many people are taking to digital modes of payment.
This is the first official announcement made by RBI about the number of notes issued that it has issued since November 8.
All the five printing presses of RBI and the central government are working to their full capacity and all efforts are being made to reach the notes to every part of the country. Gandhi reiterated that there is adequate supply of notes and hoarding helped nobody’s cause.
“We also strongly advocate the public to switch to digital payment modes given that there are several options, there are adequate safeguards and there is an increasing acceptability of this mode of payment by a large number of recipients,” he said.
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