Money lack: Printing presses working 24×7, creating Rs 500, Rs 200 notes, says govt official
Money lack : The administration has increase printing of cash notes and is working all the four presses 24×7, an authority said on Thursday in the midst of ATMs running dry in numerous parts of the nation.
Since this week, the presses are stamping out Rs 500 and Rs 200 notes without a break to meet an expected Rs 70,000 crore of cash deficiency in the nation, he said.
On a normal, the four presses of Security Printing and Minting Corporation of India Limited (SPMCIL) work for 18-19 hours day by day with a 3-4 hour break. In any case, since the time ATMs ran dry because of “strange spurt sought after” for money, the presses are working 24X7, an authority told PTI.
Typically a cash printing cycle is of 15 days, which means along these lines the expanded number of monetary standards which are being printed starting this week would be accessible just towards the finish of this current month.
The authority said that the printing of money 24×7 was last done post demonetisation when the printing of new Rs 2,000 notes was optimized to meet the liquidity lack in the market.
The Reserve Bank of India (RBI) had on Tuesday expressed that there is adequate trade out its vaults and money chests. “By and by, printing of the notes has been increase in all the 4 note presses.”
The deficiency might be felt in a few pockets to a great extent because of calculated issues of renewing ATMs much of the time and the recalibration of ATMs being as yet in progress to apportioning littler measured 200 rupee takes note of, the RBI had said.
The Finance Ministry recently said there is an abnormal spurt sought after in a few sections of the nation like Andhra Pradesh, Telangana, Karnataka, MP and Bihar. In the initial 13 days of the present month, the money request went up by Rs 45,000 crore.
Financial Affairs Secretary Subhash Chandra Garg said that the administration speculates that Rs 2,000 notes are being stored as they are not returning into the course sufficiently quick. To manage money lack, the printing of Rs 500 notes have been expanded 5 times.
“The cash printing (will increment) from Rs 500 crore to Rs 2,500 crore for every day of Rs 500 note… So in a month, we will print about Rs 70,000-Rs 75,000 crore. This should give you confirmation that we are outfitted to take care of the rising demand,” he had said.
The Rs 2,000 rupee notes represent around 35 for every penny of the Rs 18.43 lakh crore cash available for use in the nation. The printing of this high group notes has been ended as it had achieved its edge of Rs 6.70 lakh crore in the framework.
The Rs 18.43 lakh crore cash available for use analyzes to almost Rs 17.97 lakh crore money available for use before demonetisation of old 500 and 1000 rupee notes on 8 November, 2016.
(This Story Originating From FIRSTPOST)