Author: TNN
Publication: The Times of India
Date: December 16, 2016
URL: http://timesofindia.indiatimes.com/india/printing-of-rs-500-notes-significantly-stepped-up-says-government/articleshow/56010165.cms
Economic affairs secretary Shaktikanta Das said on Thursday the government was confident that the currency supply would considerably improve in 2-3 weeks as the printing of Rs 500 notes has been stepped up.
"The government, the finance ministry, the RBI, the enforcement agencies and of course the banks, everybody is working in tandem to ensure that the situation eases out," Das said.
"And I can say with confidence that the situation has considerably improved," he said. Das said that the central bank had already injected Rs 5 lakh crore worth of Rs 500 and Rs 2,000 notes and by end of the month 50% of the Rs 15 lakh crore worth of notes scrapped would be supplied into the system.
Das said that the printing of Rs 500 notes has been significantly stepped up and it was being supplied to the market. "Supply of Rs 500 notes in bigger numbers is expected and the Rs 2,000 notes that people are holding in their wallets or elsewhere will come back into circulation," he said.
He said that the process of distribution has also been further streamlined and now each printing press had been linked to areas around it in order to stop criss-cross movement of notes.
"Airlifting is continuing to be done wherever necessary," he said. Asked about the amount of scrapped notes which have come into the system, Das said the central bank and various banks have been asked to counter check the figures to ensure there is no double counting. The RBI had said that Rs 12.4 lakh crore had been deposited as of December 10.
"So a process of correction, checking, counter checking of the figure, due diligence is being done to see there is no double counting of figure.... We think there is scope for double counting and therefore the scope for verification of those figures are going on," Das said.
He said that 2 lakh ATMs out of the 2.2 lakh had been recalibrated and banks have been advised that they should continue to replenish cash in these machines and not to starve the ATMs. Das said that the design of the new notes had been done in the country and they were much more secure.
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