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Wednesday, March 15, 2017

Demonetisation of Rs 500 and Rs 1000 Notes - How Much Does Each New Rs 500 and Rs 2,000 Note Cost? NDA Govt Reveals in Rajya Sabha Wednesday March 15,2017

The NDA Government on Wednesday March 15,2017 said it costs between Rs 2.87 and Rs 3.77 to print each currency note of Rs 500 and Rs 2,000, but did not indicate the total cost involved in replacing the junk notes.
The approximate cost of printing each note of new Rs 500 is in the range of Rs 2.87 to Rs 3.09, and Rs 3.54 to Rs 3.77 for Rs 2000, Minister of State for Finance Arjun Ram Meghwal said in a written reply in Rajya Sabha.
"It is too early to indicate the total cost of printing of new notes of Rs 500 and Rs 2000, as they are still being printed," he said.
He was responding to a question asked on printing cost of each piece of new Rs 500 and Rs 2,000 note.
New notes are being printed continuously to fulfil the needs of the public, he said.
India's currency in circulation was Rs 11.64 lakh crore as on February 24, 2017.
After demonetisation of old Rs 500/1000 bank notes, RBI currency chests had received an amount of Rs 12.44 lakh crore in the form of these junked notes as of December 10, 2016.
The process of verification of returned notes for counterfeit notes and accounting reconciliation is still on, he added.
Asked about recalibration of ATMs and banks, Meghwal said out of total 2.18 lakh ATMs across the country, around 1.98 lakh have been recalibrated as on January 4, 2017
The original equipment manufacturers (OEMs) are working with the respective banks to recalibrate remaining ATMs, he said.
When asked about complaints regarding non-functioning of ATMs post demonetisation, the minister said they have been taken up immediately with the banks concerned for appropriate resolution.

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