Economic Affairs Secretary Shaktikanta Das said that the Security Printing and Minting Corporation of India Ltd (SPMCIL) has played an important role in remonetisation of new currency notes.
After Finance Minister Arun Jaitley claimed that there is no shortage of currency notes in the market, Economic Affairs Secretary Shaktikanta Das said that the Security Printing and Minting Corporation of India Ltd (SPMCIL) has played an important role in remonetisation of new currency notes. He further stated that SPMCIL has worked 24/7 with 3 shifts a day and airlifted notes at various locations. Das said SPMCIL fulfils a sovereign function by printing currency notes, minting coins and printing non judicial papers and stamps.
“During the last one year and especially during the demonetisation period, each and every employee of SPMCIL has risen to the occasion to meet the requirement of printing of new currency notes. But as we went into the process of remonetisation, during the months of November and December, SPMCIL was able to run 24×7, three shifts a day. The total quantum of notes which were printed during those days rose exponentially, that helped the government in the process of demonetisation,” he said.
The Economic Affairs Secretary also claimed that SPMCIL airlifted currency notes from its presses at Nasik and Devas to places like Kolkata, Guwahati, Chandigarh, Delhi and Lucknow, to pace up the process of remonetisation.
FM Jaitley today said normalcy has been restored within few weeks of the unprecedented decision to recall 86 per cent of the currency in circulation. Jaitley said Currency note printing presses of Reserve Bank of India as well as SPMCIL have worked without a break to remonetise by issuing new bank notes. Speaking at the 11th Foundation Day function of SPMCIL here, he said the easiest task during demonetisation was to pass comments and make snide remarks.
The government had on November 8, 2016, announced demonetisation of 500 and 1000 rupee notes valued at Rs 15.45 lakh crore or about 86 per cent of the currency in circulation. It has replaced them with new currency notes of 500 and 2000 rupee denominations.
(With inputs from agencies)