Demonetisation: Govt rushes teams to speed up printing of notes

The presses are now working 24x7 and the staff has been promised financial incentives to get them to work extra hours and also give up on their holidays.

Written by Maneesh Chhibber | New Delhi | Updated: November 24, 2016 8:04 am
demonetisation, demonetistion effects, india demonetisation, demonetisation news, india cash, cash flow, cash flow india, india news Outside a bank in Panchamal district of Gujarat. (Express Photo by Bhupendra Rana)

With the opposition keeping up the heat on the government over continuing queues outside banks and ATMs for new currency notes, the Centre has rushed teams headed by senior officers to Nashik (Maharashtra) and Dewas (Madhya Pradesh) — the two locations where new currency notes are printed to personally oversee speeding up of the process of printing and distribution of new notes.

The presses are now working 24×7 and the staff has been promised financial incentives to get them to work extra hours and also give up on their holidays.

Sources told The Indian Express that the government has also asked the RBI, which also prints new notes at its Mysuru (Karnataka) and Salboni (West Bengal) security presses, to speed up the process. While 65 per cent of the currency is printed at the RBI units, the rest is printed at government presses.

The teams, comprising senior functionaries of the Union Finance Ministry, are also working with various other agencies, including the Indian Air Force and commercial airlines, to ensure seamless airlifting of currency to various parts of the country.

With sowing season already on, the focus is on supplying currency to rural areas. Since scarcity of Rs 500, reintroduced with a new design, and Rs 100 notes is causing problems to those who have received Rs 2,000 notes, the focus is now shifting to these denominations.

“It has come to our notice that people holding Rs 2,000 notes are facing inconvenience in getting businessmen and shopkeepers to accept these notes due to shortage of smaller currency. We are now focussing on the smaller denominations. Also, since the sowing season has started, we are going to focus more on ensuring supply of notes in rural areas,” said a source.

The RBI presses, which are currently printing only Rs 2,000 notes, are also expected to begin printing Rs 500 denomination notes by early December, for which new machines are also being installed. The RBI has been asked to ensure adequate supply of the high-security paper on which the currency notes are printed.

While admitting that there were “some issues” with the supply, sources said the government expected the situation to return to “near-normal” by December-end. “There were some logistic issues which have mostly been sorted out,” said a source.

For all the latest Business News, download Indian Express App

  1. A
    ashok s
    Nov 24, 2016 at 12:27 am
    Government should focus on 50 100 notes not 2000 . as bigger the note more facilities to cronies.
    Reply
    1. A
      ashok s
      Nov 24, 2016 at 1:38 am
      Printing notes fastly and vastly signifies that govt wants help builders, jewellers ,which ate more important that common man to them . then why this dramabazi of demonetization
      Reply
      1. A
        ashok s
        Nov 24, 2016 at 4:18 am
        To print fast and money back in circulation is like helping opposition and cronies to calm down. Ease of doing business , but pain for poor s
        Reply
        1. A
          ashok s
          Nov 23, 2016 at 11:36 pm
          Why rush to print notes now, govt estimated that money is lying idle in homes of house wives which they have saved thru many year s . so why govt needs new float of currency so fastly
          Reply
          1. P
            PN badri
            Nov 24, 2016 at 3:42 pm
            Thuglak administration taking vital decisions without proper home work lead to chaos and currency crunch will continue for another 6months considering festivals /marriages likely to take place till June2016. Right from spiritual tourism to hospitalization expenses etc totally affected due to affected. Tonight government given extension reveals they are consuming what they have vomitted.
            Reply
            1. T
              Tilak Raj
              Nov 24, 2016 at 3:49 am
              These steps should have been thought of before launching demonetization.There is something called prospective planning.Poor execution of a good plan.
              Reply
              1. D
                deo
                Nov 24, 2016 at 3:39 am
                The intent is good but execution is very very poor. Govt, RBI and finance secretary knowing this step should have focused more on floating 100, 50 currencies much sooner. Very poor project planning. It is surprising that RBI presses still printing INR 2000 notes while everyone is crying for change..
                Reply
                1. H
                  Harbans
                  Nov 24, 2016 at 2:33 am
                  Very late now.
                  Reply
                  1. Load More Comments