Focus Now is on Printing More Rs 500 Notes, Says Shaktikanta Das
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.
New 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.
Das said this was the first time that currency notes were indigenously designed with security features that make the possibility of counterfeiting “very very less”. “The possibility of counterfeiting new Rs 500 and Rs 2,000 notes is very very less. Also, they are completely indigenous,” Das said.
On the surprise rate hike by the Federal Reserve, Das said the Indian markets would remain “fairly stable” as they had factored in the hike.
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