Notes being printed 24x7

Marco Green
April 21, 2018

Economic affairs secretary Subhash Chandra Garg said the government suspects that Rs 2,000 notes are being hoarded as they are not returning into circulation fast enough. TOI had reported in its edition on April 18 that 500-rupee notes were not being printed at CNP since November as it had not received fresh orders from RBI.

ATMs in some parts of the country continued to remain dry today as government scrambled to rush currency to meet an "unusual spurt in demand" which according to it are due to abnormal season demand. "We now have instructions to increase the production". Currency Note Press is one of the presses where Indian banknotes are printed. We have just started printing 500 rupee notes. "It takes a couple of weeks to complete all the printing stages once the printing of new currency starts", sources in CNP said.

"The ink used to print the notes is imported, which is not available now, leading to a halt in printing of these Rs 200 and Rs 500 banknotes", Jagdish Godse, the president of press workers federation told reporters here.

"Some of it may be hoarding but it is also a fact that a Rs 2,000 denomination note does not circulate (or change hands) because the transaction in rural areas is of lower value", said a banker. At present, the press is printing currency notes having denominations of Rs 10 and Rs 50 only. Even the printing of Rs 200 notes has been diverted to the press in Devas in Madhya Pradesh, following which Nashik has stopped production. Of these, target for printing Rs 500 notes is 1,000 million pieces.

Other reports by Click Lancashire

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