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Published On: Thu, Dec 15th, 2016

Focus Now is on Printing More Rs 500 Notes : Govt.

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saktikant_das1NEW DELHI : The cash flow situation in the country is improving by the day and the focus now is on printing more Rs 500 notes, Economic Affairs secretary Shaktikanta Das said on Thursday.“The initial focus was to supply Rs 2,000 notes to replace the value that was taken out of the market.

The focus now is on printing more of Rs 500 notes,” Das said while addressing a press conference. He added that new notes seized in raids from across the country will be reintroduced in circulation.He also assured adequate supply to district cooperative banks and said authorities were in touch with National Bank for Rural and Agricultural Development (NABARD) to ease the situation for farmers in rural areas.

# New notes are completely indigenously designed. So, the security features are very effective.
# Situation is improving constantly. Initially, Rs. 2,000 notes were circulated more aggressively as the amount (value) of money in the economy could be replenished at the earliest. Now, even Rs. 500 notes are being pushed.
# Printing of all – 2000, 500, 100, 50, and 20 – rupee notes are being done simultaneously.
# Air lifting of notes is being done wherever necessary.
# We are identifying rural areas where there is a shortage of cash and focus will be given these areas.
# Constant surveillance is being done and based on specific inputs based on data mining.

# Thereby based on specific inputs, further action is taken by the tax officials. These raids are done in a proper planned manner.
# You already heard the NITI Aayog to know how we plan to push for digital transactions.
# Three times the normal yearly supply of lower denomination notes – 100, 50, 20 and 10 – have been supplied in the last 5 weeks.
# We are double-checking the figures you see in media reports as there might be some cases of double counting. We have requested RBI and we will give the correct figures once we have them
# The situation is improving every day.
# I do not know what the government will say on December 30. You will have to wait and see.
# More than two lakh ATMs have been recalibrated. The figure you see in some reports that only 13 per cent ATMs are dispensing cash are completely incorrect.

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