RBI Extends Its Hand to Resolve Cash Struggles?

As reported earlier, the delayed distribution of 500 rupees notes was allegedly due to the fact that these notes are printed by the government press and RBI was printing just the 2000 rupees notes. And recently a batch of 500 rupees notes was sent back due to errors in the print which added to the cash struggles.

[m9ad]

Giving a slight relief to the change problems, RBI took up the activity to print 500 notes here after. Officials said that about 1 billion of new 500 notes are planned to be printed by the end of the year. RBI has printed 2 billion notes of 2000 in the last 2 months. Now the focus will be shifted to 500 notes and only until January when the problem will be fixed.

A collateral of RBI, The Bharatiya Reserve Bank Note Mudran Pvt. Ltd (BRBNMPL), is given the duty of printing the 500 notes from now until January. The press can produce 16 billion notes annually and the branches are printing 50 million pieces a day according to the reports.

This has given a hope to people that government and RBI together are taking measures to fix the current change issues.