Government Wants To Supply More Rs. 500 Notes

By : 16-Dec-2016
Printing,Supply,Rs. 500,Government

According to Economic Affairs Secretary, Shaktikanta Das, the government focus is now only on the printing and supplying of Rs. 500 notes, in order to meet the public demand. Even though, initially the Rs. 2000 notes were circulated to meet the notes demand, now the focus has been shifted to Rs. 500 notes, Das said.

Starting from yesterday midnight to December 30, the only option available for the public to dispose off their old Rs. 500 and Rs. 1000 notes is to deposit in the banks in their respective accounts. All other options to exchange these banned notes have been waived off by December 15 midnight.

Since, the Prime Minister Narendra Modi has announced the banning of high denomination notes as a measure to deal with the black money, corruption and money laundering prevailing in the nation on November 8, and aggressively promoted for transforming the nation into a cashless economy to increase the digital transactions, there have been several steps taken by the government to achieve these stated goals.

Out of the 2 lakh 20 thousand ATMs in the country, Das said, nearly 2 lakh have already been calibrated to dispense the new Rs. 500 and Rs. 2000 notes, and the remaining ATMs are undergoing calibration process.

Starting from December 25, the government has announced two new schemes namely, Lucky Grahak Yojana and Digi Dhan Vyapar Yojana that distribute awards and prizes for those consumers and businessmen actively participating in the digital transition. To be eligible for these lucky draws and prizes, the government would only consider those transactions that are made through the government issued RuPay Cards, the UPI (Unified Payment Interface), USSD (Unstructured Supplementary Service Data), and Aadhar-Enabled Payment Systems.

The government has also noticed that there has been a 95% increase in the point of sale transactions or payments using card swipe machines, since November 8 after the demonetisation move.

Das also said that, in the last few weeks, three times the normal yearly supply of lower denomination notes of INR 100, 50, 20 and 10 have been supplied, to meet the cash demand. 

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India Can Say Goodbye to the Demonetisation Nightmare only by April 2017

Still Holding Old Rs. 500 and Rs. 1000 Notes? Here Is What You Can Do With Those Notes

Banks Get Rs 12.44 Lakh Cr in Old Notes till Dec 10: RBI

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