Presses printing currency notes at full capacity: RBI

Adequate stocks of new notes are ready in the currency chests located at more than 4,000 places across the country

Mumbai, Nov 12: The Reserve Bank of India (RBI) on Saturday said that the printing presses are being worked to their full capacity to meet the requirements of the people after the demonetisation of Rs 500 and Rs 1,000 notes.

"To sustain the demand, printing presses are printing the currency notes at full capacity so that adequate quantum of notes is available," RBI said in a statement.

On November 10 - the day the banks opened after the announcement of demonetisation, about 10 crore exchange transactions were reported in a single day, it said.

Adequate stocks of new notes are ready in the currency chests located at more than 4,000 places across the country. Bank branches are linked to them to source their requirements from them, RBI said.

The banks and the RBI are also open on Saturday and Sunday to meet the urgent requirements of public and to ease the situation.

The central bank also encouraged people to switch over to alternative modes of payment, such as pre-paid cards, Rupay card, credit or debit cards, mobile banking and internet banking to alleviate the pressure on the physical currency.

The scheme for exchange of the specified bank notes for other denominations is available all across the country till December 30, 2016 and even beyond, at specified RBI offices. As there is ample time, people need not rush to exchange putting avoidable strain on the banking branch network, it said.

The withdrawal of the legal tender of the existing Rs 500 and Rs 1,000 notes, has cast a huge responsibility on the banking system to swiftly withdraw these specified bank notes in a smooth and non-disruptive way, it added.

The RBI said the process entailed swift withdrawal of the specified bank notes from the ATMs within a few hours of the announcement and reloading them in a matter of two days.

"Just a day after the announcement, all bank branches have been providing exchange facility for public. To minimise the inconvenience the branches of banks and all RBI offices have been working well beyond normal business hours, with additional counters opened to cater to the huge turnout of public," it said.

IANS