Monday , July 16 2018

Finance Minister Confirms, “No Shortage of Banknotes in the Market”

Finance Minister Arun Jaitly appreciated the work done by the printing presses of RBI and SPMCIL in Circulating Banknotes to the Market.

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Union Finance Minister Arun Jaitley announced that there is absolute normalcy in the market and there is no shortage of notes in market. This is observed within a few weeks of the unprecedented decision to recall 86 per cent of the currency in circulation. He said this at the 11th Foundation Day function of SPMCIL. “Normalcy has been restored within few weeks and there is no shortage [of banknotes] in the market for even a day,” he said. Further he said that the easiest task during Demonetisation was to pass comments and make sarcastic remarks, “But the toughest work is to implement it.

He appreciated the persistence efforts of Currency note printing presses of the Reserve Bank of India and Security Printing and Minting Corporation of India Ltd (SPMCIL), which was responsible for restoring the normality in the market without a break to remonetise by issuing new bank notes.

This is possibly the biggest demonetisation drive aimed to curb corruption, black money and counterfeit currency from the root level.

People expected that it might take up to seven months to one year to obtain normality, but the task was achieved in a few weeks.

During the demonetisation period there was not a single incident of unrest anywhere in the country.   This was due to the consistent effort of of the printing presses of the RBI and the SPMCIL, who kept the supply line going.

Economic Affairs Secretary Shktiakanta Das also spoke about the SPMCIL’s contribution in bringing normalcy.

“During the last one year, each and every employee of the SPMCIL has strived their best, even by working with longer duration, to meet the requirement of printing of new currency.

 

The SPMCIL originally ran two shifts, each with longer duration. But during remonetisation in the months of November and December, it could run 24×7, three shifts a day. The total quantum of notes which were printed during those days rose exponentially, helping the government in the process of demonetisation,” he said.

To enhance the pace of remonetisation, the SPMCIL airlifted currency from its presses at Nasik and Devas to places like Kolkata, Guwahati, Chandigarh, Delhi and Lucknow.

 

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