No Shortage of Currency Notes Now

No Shortage of Currency Notes Now

Finance Minister Arun Jaitley has dismissed the charges by the opposition parties on currency shortage as the printing presses of the Reserve Bank of India and Security Printing and Minting Corporation of India (SPMCIL), have ensured normalcy within a few weeks of demonetisation.

Prime Minster Narendra Modi had on November 7 evening announced the decision to recall 86 per cent of `500 and `1,000 denomination notes, which were in circulation. “Normalcy has been restored within a few weeks (after November 8) and there is no shortage (of bank notes) in market for even a day,” said Jaitley.
The currency note printing presses of Reserve Bank of India and SPMCIL have ensured that the recalled notes are remonetised by issuing new bank notes, he said. He was talking at the 11th Foundation Day function of SPMCIL in here on Friday.

He said the easiest task during demonetisation was to pass comments and make snide remarks. “But, the toughest work is to implement it. This is perhaps the biggest demonetisation drive in the world that was aimed at striking the root of corruption, black money and counterfeit currency,” Jaitley added.

SPMCIL fulfils a sovereign function by printing currency notes, minting coins and printing non judicial papers and stamps. “During the demonetisation period, each and every employee of SPMCIL has risen to the occasion to meet the requirement of printing of new currency notes,” said economic affairs secretary Shaktikanta Das.

He informed that SPMCIL initially ran two shifts, each with longer duration, but during November and December 2016, the public sector unit worked on a 24×7 basis at three shifts a day.

“That helped the government in the process of demonetisation,” Das added. He also informed that SPMCIL air lifted currency notes from its presses at Nasik and Devas to Kolkata, Guwahati, Chandigarh, Delhi and Lucknow.

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