2017-03-16 Thu

It was officially revealed that the cost of printing a Rs. 500 note is in the range of Rs. 2.87 to Rs. 3.09. The production cost for a 2000 rupees note is Rs. 3.54 to Rs. 3.77. The total cost for replacing junk notes has not been revealed. Officials also stated that it is too early to reveal the exact cost of printing new currency notes as they are still being produced and distributed as per demand. They also revealed that India’s new currency notes in circulation on 24th February 2017 was Rs. 11.64 lakh crore.

Rs. 12.44 lakh crore worth junked notes were deposited on 10th December 2016. The verification process of returned notes is still in progress. It was disclosed that RBI buys papers for printing new banknotes of Rs. 500 and Rs. 2,000 from existing suppliers. Suppliers are refrained from selling the specific banknote paper to anyone else. Out of 2.18 lakh ATMs, 1.98 lakh have been recalibrated as on January 4, 2017. Complaints regarding non-functioning of ATMs are being seriously considered and efforts are being taken to resolve them.