Currency printing presses running at full capacity: RBI

On November 10, about 10 crore exchange transactions have been reported.

By: PTI | Mumbai | Updated: November 12, 2016 7:05 pm
demonetisation, Rs 500 note, Rs 1000 note, Rs 2000 note, arun jaitley, demonetisation process, ATMs, narendra modi, indian express, india news TRBI said the scrapping of Rs 500/1,000 notes cast a huge responsibility on the banking system. (File)

Currency printing presses are running at “full capacity” to sustain demand for new notes, RBI said on Saturday, while asking people to switch to other modes of payment such as debit and credit cards to reduce strain on bank branches. Adequate stock of all currency notes has been kept ready at more than 4,000 locations across the country, and bank branches are linked to them for sourcing their requirements, RBI said.

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“To sustain the demand, Printing Presses are printing the currency notes at full capacity so that adequate quantum of notes is available,” the central bank said in a statement.

RBI said the scrapping of Rs 500/1,000 notes cast a huge responsibility on the banking system to “swiftly withdraw” the currency in a smooth and non-disruptive way and to provide new notes of other denominations.

It also entailed swift withdrawal of the scrapped notes from ATMs within a few hours of the announcement made on evening of November 8 by Prime Minister Narendra Modi.

RBI further said it also involved recalibrating ATMs for issuance of other legal tender notes and reloading them in a matter of two days and providing the exchange facility, just after a day from the announcement.

“While these efforts are afoot, public are encouraged to switch over to alternative modes of payment, such as pre-paid cards, Rupay/Credit/Debit cards, mobile banking, internet banking. All those for whom banking accounts under Jan Dhan Yojana are opened and cards are issued are urged to put them to use,” RBI said.

Such usage, RBI added, will “alleviate the pressure” on physical currency and also enhance the experience of living in the digital world.

On November 10, about 10 crore exchange transactions have been reported. Further, banks and RBI are kept open on Saturday and Sunday to meet the urgent requirements of public and to ease the situation.

The scheme for exchange of the specified bank notes for other denominations is available all across the country till December 30, 2016 and even beyond, at specified RBI offices.

RBI appealed that as there is ample time for people to exchange old notes and there is no need put “avoidable strain” on bank branches.

RBI also said a detailed reporting system for banks has been put in place. It further said that with a view to preventing misuse of the exchange facility, the authorities are “closely monitoring the information received through the reports about exchange and deposits”.

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First Published on: November 12, 2016 7:02 pm
  1. H
    Hitesh
    Nov 12, 2016 at 5:39 pm
    It takes a lot of courage to take on Black Marketeers and corrupt politicians. OF course there is a lot of inconvenience. However, Why is it that in so many years, no political party has had the courage to tackle this problem head on? How could Man Mohan Singh, an honest person do such a thing? IT really is high time that the spectre of Black money were addressed. Anybody has alternatives to this kind of shock to the system? Does Kejriwal have any alternatives? He was elected on the platform of getting rid of corruption. What has he done Instead of supporting this move, he castigates Modi. What an a....ho...le
    Reply
    1. J
      Joseph R Stephen
      Nov 12, 2016 at 2:28 pm
      Irresponsible RBI governor.
      Reply
      1. K
        Kamal
        Nov 12, 2016 at 11:10 pm
        People are being impatient and complaining. Before the complaint was that in 2 years this government has not done enough about Black money. Now that something is being done about it, they are complaining about inconvenience caused (you can never please anyone). Besides one can exchange currency till December 30, 2016, but no one wants to wait for 1-2 weeks to let the system get streamlined. Also banking and electronic options are still available for everyone. Change takes patience and is never easy. Everyone wants an overnight miracle, just flip a switch and everything is white money. It is like the joke who wants change everyone raises hands, who wants to change no one raises hands!
        Reply
        1. V
          Vihari Naidu
          Nov 12, 2016 at 4:41 pm
          Bjp puppet RBI governor is partly responsible for not opposing our Tughlaq when he came withthis stupid idea of printing Rs.2000 notes which don't even fit ATMs....
          Reply
          1. R
            rajan luthra
            Nov 13, 2016 at 1:06 am
            Make in India in full swing. Hope the currency is not being printed in BNP, Detroit.
            Reply
            1. G
              Girish Rao
              Nov 12, 2016 at 3:20 pm
              Y ur donations are all down the drain haha haha
              Reply
              1. A
                amol
                Nov 12, 2016 at 4:37 pm
                Situation is so very cheotic.Even if we agree that step towards demonitisation is a good initiative,but RBI fails to manage the currency flow to the branches.Peaple are actually on panic mode.They say that Petrol pump,hospitals to take old currencies but ground reality is something else.
                Reply
                1. S
                  Saket Kumar
                  Nov 12, 2016 at 9:47 pm
                  are local shopkeepers in indian villages using POS and Net-Banking facilities. forget internet, even electricity is unavailable in many areas. RBI seems to live in its own world or it's India is limited to metros. please do something for those from small villages and hamlets who are suffering untold miseries.
                  Reply
                  1. C
                    CS
                    Nov 12, 2016 at 9:15 pm
                    The demonetisation is a very good move. However, given the propensity of our Babus towards graft, they will find new ways of illegal gratification. This will not involve cash, but could involved direct transfers of to personal bank accounts under the garb of loan repayments or other plausible reasons.lt;br/gt;lt;br/gt;Also, there will be a BIG demand for payment in GOLD. Gold prices are bound to shoot up astronomically.
                    Reply
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