Focus on printing more Rs 500 currency notes: DEA Secretary

New Delhi: Economic Affairs Secretary Shaktikanta Das on Thursday announced that the government is focused to print more currency of denomination 500 and to ensure enough cash in the form of lower denomination notes in rural areas of the country.

The DEA secretary, while addressing media, said that the government’s initial target was to supply Rs 2000 notes to replace value that was taken out of the market but now the focus is on printing more of Rs 500 notes.”

He further stated airlifting of currency would also continue wherever it would be considered necessary. “The current emphasis was to ensure enough cash in the rural areas and for that airlifting of currency would continue wherever necessary,” he said.

While speaking on the market response to demonetisation, Das said that the US Fed rate hike shows that our markets would remain fairly stable.

The DEA Secretary said, “Our markets had already factored in the rate hike and they would remain fairly stable.”

What else Shaktikanta Das said:

• Total number of notes in lowers denominations of Rs 100 and below, supplied in last 5 weeks is three times of what RBI supplies in an year.
• There are 2 lakh 20 thousand ATMs and more than 2 lakh ATMs have already been re-calibrated.
• Actions enforcement agencies taking on illegally accumulated money was based on specific inputs. You may call it a surgical action.
• The notes were indigenously designed in house with security features for the first time and this has made them more secure with less chance of counterfeiting.