Wednesday, June 16, 2021
HomeCity NewsRBI to print more notes of Rs. 500 and below

RBI to print more notes of Rs. 500 and below

As per an RTI application filed by activist Anil Galgali it has been revealed that printing of ₹500 and lower denomination notes is under progress under RBI’s supervision. Security Printing and Minting Corporation of India Ltd (SMPCIL) is at present printing only ₹500 and lower denominations notes. The average production cost of ₹500 note has not been calculated yet.

RTI Activist Anil Galgali had asked for information on available old and new currency notes. His queries had been directed to SMPCIL and ‘Bharatiya Reserve Bank Note Mudran Private Limited’ under sec. 6 (3) of RTI Act 2005. Public Information Officer of SMPCIL, K.P. Shrivastav re-directed it to Bank Notes Press (BNP), Dewas & Currency Note Press (CNP), Nashik. While redirecting his application Galgali was informed of printing lower denomination currency notes, instead of ₹2000 notes being printed earlier.

Galgali has expressed satisfaction on the decision to print lower denomination notes. He said, “RBI had been caught up in printing of 5 lakh crore worth of ₹2000 notes. While what was needed most was lower denomination notes for everyday transactions. Had this been done hardship caused to crores of people and few suicides could have been averted.”

Most Popular

- Advertisment -