Cash crunch would ease out in 3 weeks assures government

Focus is on printing more Rs 500 notes, says Shaktikanta Das, Union economic affairs secretary

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New Delhi, Dec 16: The government has stepped up the printing of Rs 500 notes and the cash crunch situation would ease out in the next 2 to 3 weeks, Union economic affairs secretary, Shaktikanta Das said.

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He further said that the old notes are indegenously designed and are hard to fake.

Shaktikanta Das

Das further said that the situation would soon ease out and also added that the initial focus of the government post demonetisation was to recall the high value notes and print the Rs 2,000 bills.

The focus now is on printing the Rs 500 notes. More and more production lines have been diverted for Rs 500 notes as enough stock of Rs 2,000 notes is now there.

Printing of Rs 500 notes significantly stepped up so that Rs 2,000 notes become more mobile," he also said.

Das added that the process of distribition too has been streamlined. Printing presses are being linked to distribution areas nearer to them.

The emphasis is also on making cash available at cooperative banks for crop loan distribution, he also added.

We have been identifying rural areas from where we are getting reports of cash shortage.

The emphasis will be on rural areas and the government is in touch with the RBI and the National Bank for Agriculture and Rural Development, he also added.

On the recently conducted Income Tax raids, Das said that the notes seized are being put back into circulation as soon as possible.

The raids were conducted on the basis of specific inputs he also added.

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