RBI ramps up production of lower currency denomination notes to meet the requirement
08 November, Mumbai
Reserve Bank Governor Dr Urjit Patel has said that the Central Bank has ramped up its production of lower currency denomination notes to meet the requirement arising after the scrapping of 500 and 1000 rupees note.
Briefing media after the announcement of the Prime Minister,Patel said, fake currency notes of face values of 500 and 1000 rupees were in large circulation. However he denied any breach of security feature. He said, RBI has been concerned about growing menace of fake Indian currency notes. Mr Patel said, RBI trying to provide new currency notes as soon as possible. He said, there will be no impact on the liquidity on the wholesale markets and if at all there is any, RBI will make sure that it is addressed.
Speaking at the Press Conference, Secretary, Department of Economic Affairs Shaktikanta Das said, control room will be set up in RBI and Finance Ministry to monitor situation. He said, RBI control room will be operable from 8 am tomorrow. The numbers are 022- 22602201 and 022-22602944. He said, new notes of 500 and 2000 rupees with greater security features and design will be circulated from Thursday. He said, other denominations will be introduced in due course.
He said, 500 rupees notes circulation is up by 76 per cent from 2011 to 2016 and 1,000 rupees notes 109 per cent against 40 per cent rise in all currency notes. The Secretary said, the decision was necessary in medium and long term interest of the economy and it will help in maintaining financial and economic integrity. Das said, Fake Currency Notes are being used to finance terrorism.
He said, if someone is receiving 1000 and 500 rupees notes after tonight, he is doing it at his own risk. He said, the new notes are Braille compliant and blind persons can recognize notes from lines on them. He said, Government focused on 2000 rupee notes for higher ease in exchange of other notes. AIR corespondent reports that, 16.5 billion 500 rupee notes and 6.7 billion 1000 rupee notes are presently in circulation.