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Finance Minister backs RBI

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Union Minister for Finance, Corporate Affairs, and Information and Broadcasting Arun Jaitley with RBI Governor Raghuram Rajan at the two-day bankers retreat `Gyan Sangam`, in Pune on Jan. 3, 2015.

FinMin says RBI monitoring currency requirment and printing accordingly….reports Asian Lite News

New RBI Governor Urjit Patel
New RBI Governor Urjit Patel

The Reserve Bank of India is monitoring the requirement of the new bank notes and accordingly placing the order for printing, Parliament was informed. The comment came at a time when RBI was criticised for the cash crunch situation in the country and the printing mistake occured in some of the new currencies.

“The Reserve Bank of India monitors the requirement of notes on a regular basis and places the indent on the printing presses accordingly,” Finance Minister Arun Jaitley told the Lok Sabha in a written reply.

“Arrangements have been made keeping under consideration stock position, augmenting production of new series of banknotes, expediting supplies to all the currency chests, including air remittances from the press,” Minister of State for Finance Arjun Ram Meghwal said in another written reply in the Lok Sabha.

As on November 8, the day demonetisation was announced, there were 17,165 million pieces of Rs 500 denomination notes and 6,858 million pieces of Rs 1,000 denomination notes in circulation, he added.