The government has informed the Lock Sabha that about Rs. 5,000 crore was spent on printing of new Rs 500 currency notes post demonetisation. As per the information provided by minister of state for Finance P Radhakrishan in a written reply, as many as 1,695.7 crode pieces of Rs. 500 denomination note were printed till December 8. The amount spent on production of Rs 500 notes was Rs. 4,968.84 crore, he said The minister also informed that the RBI printed 365.4 crore pieces of Rs. 2,000 notes.
The cost incresd is about Rs. 1,293.6 crore. Similarly, Rs 522.83 crore have been spent on printing of 178 crore pieces of Rs. 200 notes. "New design notes in the denomination of Rs.50, 200, and 2,000 have been introduced after demonestisation, "the minister said in other replay, he said the surplus transfed from the RBI to the government has declined by Rs. 35,217 crore in 2016-17 mainly on account of increase in expenditure on printing of currency notes. The RBI had transferred Rs. 65,876 crore as surplus to the government in 2015-16. The amount reduced to Rs 30,659 crore in 2016-17.
This also means that the share of small currency notes in total currency in circulation now may have touched 35 per cent value terms, it added. the move had lead to huge cash shortage and large queues were withnessed at banks for exchange or depositing the scrapped currency.
The goverment on November 8, 2016 annouced to demonetise old Rs 1,000 and 500 notes, which together accounted for about 86 per cent of the currency in circulation. About 99 per cent of the scraped currency was returned to the RBI. " Subject to future corrections, based on verification process, the estimated value of specified bank notes(scrapped currency) received as on june 30, 2017 is Rs. 15.28 lakh crore," The minister said As part of its remonestisation exercise, the Reserve Bank came out new notes of Rs 500 and Rs 50. it also introduced notes of Rs 2,000 and Rs 200.
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