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Sunday, November 13, 2016

RBI says printing presses printing currency notes at full capacity to meet demand

The Reserve Bank of India on Saturday said Printing Presses are printing the currency notes at full capacity so that adequate quantum of notes is available.

This RBI statement comes in the context of the huge volume of currency note exchange transactions (about 10 crore) being reported on a single day on November 10 following the Government’s announcement that Rs. 500 and Rs. 1000 currency notes will not be legal tender with effect from November 9.

Over the last three days, the public has had to wait in serpentine queues outside bank branches to either exchange old currency notes or withdraw money for their daily needs. With many ATMs still undergoing re-calibration to dispense Rs. 100 and Rs. 50 currency notes, members of the public have been facing a tough time.

The RBI, in a statement, said “Keeping in mind the need for other denomination notes which are legal tender (including ₹ 2000), adequate stocks of these notes are kept ready in the Currency Chests located at more than 4,000 places across the country. Bank branches are linked to them to source their requirements from them.

“To sustain the demand, Printing Presses are printing the currency notes at full capacity so that adequate quantum of notes is available.”

While the efforts to supply adequate currency are afoot, the RBI said public are encouraged to switch over to alternative modes of payment, such as pre-paid cards, Rupay/Credit/Debit cards, mobile banking, internet banking.

“All those for whom banking accounts under Jan Dhan Yojana have been opened and cards issued have been urged to put them to use. Such usage will alleviate the pressure on the physical currency and also enhance the experience of living in the digital world,” the RBI said.

Besides today, banks and RBI will be open on Sunday to meet the urgent requirements of public and to ease the situation, the central bank said.

Meanwhile, the RBI said as part of the instructions issued to banks, including to cooperative banks, regarding withdrawal of legal tender status of the existing ₹ 500 and ₹ 1000 bank notes (specified bank notes), detailed reporting system has been put in place.

The Reserve Bank further stated that with a view to preventing misuse of the facility (exchange/ deposit), the authorities are closely monitoring the information received through these reports about exchange and deposits of the specified bank notes by the public with the banks, including cooperative banks.
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