Seized money being put into circulation, chance of counterfeiting new notes less: Economic Affairs Secretary Shaktikanta Dashttps://indianexpress.com/article/business/banking-and-finance/seized-money-being-put-into-circulation-chance-of-counterfeiting-new-notes-less-economic-affairs-secretary-shaktikanta-das/

Seized money being put into circulation, chance of counterfeiting new notes less: Economic Affairs Secretary Shaktikanta Das

Talking about the fake currency in the market, Das said that possibility of counterfeiting new 500 and 2000 notes is very, very less.

demonetisation
Shaktikanta Das

Highlighting government’s action against black money, Economic Affairs Secretary Shaktikanta Das on Thursday said that enforcement agencies are making all efforts to seize illegally accumulated money and putting it back into circulation to meet the cash need post demonetisation. You can call it a surgical action, said Das.

Talking about the fake currency in the market, Das said that possibility of counterfeiting new 500 and 2000 notes is very, very less. “First time notes were indigenously designed in house with security features which makes notes more secure with less chance of counterfeiting,” said Das.

He added that initial focus of the government was to supply 2000 notes to replace value that was taken out of the market. “Now focus is on printing more of Rs 500 notes,” said Das while laying emphasis on the progress of demonetization.

Assuring the situation of cash crunch to improve soon, Das said there are 2 lakh 20 thousand ATMs and more than 2 lakh ATMs have already been re-calibrated to ease supply. He, however, added that banks prefering supplying cash via branches to their customers than through ATMs.

He also said that airlifting of currency to continue wherever necessary is on the government’s agenda. “We are laying emphasis on rural areas to ensure enough cash,” he said.

As per RBI data, over Rs 12.44 lakh crore worth defunct 500 and 1000 rupee notes have been deposited till December 10.

“RBI has given a figure of Rs 12.5 lakh crore which has been received back. There are lot of areas where we feel there could be double counting. So we have identified those areas and we have requested RBI and banks to again double check.

“So a process of correction, checking, counter checking of the figure, due diligence is being done to see there is no double counting of figure…. We think there is scope for double counting and therefore the scope for verification of those figures are going on,” Das said.

He said three times the total number of lower denomination notes — 100, 50, 20 and 10 — which RBI supplies in a year has been supplied over the last five weeks.

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About Rs 1.60 lakh crore worth 100 rupee notes were in circulation before November 8 and more than Rs 80,000 crore worth of this notes have been supplied to the market over past five weeks.

(With inputs from PTI)