Demonetisation: Focus now on printing more new Rs 500 notes, says govt

New Delhi: Our focus is now on printing more Rs 500 notes, economic affairs secretary Shaktikanta Das told reporters on Thursday.

He further said that earlier too, Rs, 500 notes were being printed parallelly.

 

Secretary DEA @DasShaktikanta : focus now on printing more Rs. 500 notes. Earlier too, Rs. 500 notes were being printed parallelly. — Ministry of Finance (@FinMinIndia) December 15, 2016

Our emphasis is now on providing cash to rural areas from where reports of inadequate availability are coming in,  Das said.

More Rs 2000 notes printed initially to replace more amount of old currency in shorter time, economic affairs secretary said.

He further said that it's the first time when new currency notes have indigenous design, including security features.

The Reserve Bank of India has infused more than Rs 5 trillion (USD 73.66 billion) of currency notes into the banking system since Nov 8.

This is a fraction of the Rs 15.44 trillion in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them last month, in a surprise move targeting counterfeiters and people holding undeclared wealth.