New Delhi Dec 15: In an attempt to ease out cash flow finance ministry directed Reserve Bank of India to focus on printing of Rs 500 notes to improve the liquidity of cash for citizen .
Addressing to media Economic Affairs Secretary Shaktikanta Das said that ministry is keeping close track on ground situation and it will streamline the ground zero within in 2-3 weeks with availability of more number of Rs 500 notes.
He further informed that initially the focus was to supply enough Rs 2,000 note so as to replenish the demonetised notes as soon as possible. Das stated that government is having enough stock of Rs 2,000 notes so government is working on the printing of Rs 500 notes on war front.
Briefing on the availability of cash in rural area das said that for making adequate cash available in the rural areas, cooperative banks have been given enough money to provide for crop loans. He further informed that government is in touch with the RBI and National Bank For Agriculture and Rural Development (NABARD) to ensure enough cash for district cooperative banks.
Commenting on the malfunctioning of ATMs with fewer cash das told that out of 2.20 lakh ATMs, over two lakh have already been recalibrated. Explaining the reason behind the unavailability of cash das said, “Many a times banks prefer to give out cash through their branches to their own customers rather than putting in the ATMs that results in no-cash in the ATMs at times”.
Refuting the false media reports on non functioning of ATMs das said that It is not correct that only 13 per cent ATMs are working. He advised banks to focus on loading money in ATMs. The circulation will also increase as the large amount of seized notes will also be put back in circulation as soon as possible, said Shaktikanta Das.
Rejecting the speculations about the designing and security features of the new notes Das said that the Rs 500 and Rs 2,000 notes have been indigenously designed which lessens the scope of counterfeiting.
"It is the first time that the design of notes is done indigenously. Earlier Rs 500 notes were all designed outside. Rs 500 and Rs 2,000 notes have been entirely designed in-house. So they are much more secure. Scope of counterfeiting is far lower," he added.