Demonetisation: Rs 500 notes to be available soon, says DEA Secretary Shaktikanta Das

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Updated: December 15, 2016 5:31:17 PM

Economic Affairs Secretary Shaktikanta Das on Friday spoke about the deficiency of the new Rs 500 notes in the market and explained that the initial focus of the government and the RBI was to supply Rs 2000 notes to replace the value that was taken out of the market.

shaktikanta das, new Rs 500 notes, 500 notes, new notes available, Rs 500 notes availableShaktikanta Das said that the focus of the ministry had now shifted to the printing and supply of more Rs 500 notes. (PTI)

Economic Affairs Secretary Shaktikanta Das on Friday spoke about the deficiency of the new Rs 500 notes in the market and explained that the initial focus of the government and the RBI was to supply Rs 2000 notes to replace the value that was taken out of the market. He then said that the focus had now shifted to the printing and supply of more Rs 500 notes. Das further said that the possibility of counterfeiting the new Rs 500 and Rs 2000 notes was very less and these notes were completely indigenous.

He then spoke about the supply of new currency notes in remote areas and said that the airlifting of cash would continue wherever necessary and added that the emphasis was on rural areas to ensure enough cash. He informed that the Actions enforcement agencies were talking about illegally accumulated money was based on specific inputs. He then spoke about the market and said that it had already factored in the rate hike and would remain fairly stable. He said that there was 2 lakh 20 thousand ATMs and more than 2 lakh ATMs had already been recalibrated.

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Answering questions about the supply of notes by the Reserve Bank of India, Das informed that the total number of notes in the lower denomination of Rs 100 and below that have been supplied in the last 5 weeks have been 3 times of what the RBI supplies in a year. Banks preferred supplying cash via branches to their customers than through ATMS, Das added.

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