Rs. 5000 Crores Spent by RBI to Print New Rs 500 Notes

RBI to Print New Rs 500 Notes

An incredible Rs. 5,000 crore were spent by the Reserve Bank of India for printing new Rs. 500 cash notes since 8th November 2016 when demonetisation drive occurred in India.

P. Radhakrishnan, The Minister of State for Finance, replied to Lok Sabha, saying that around 1,695.7 crore bits of Rs. 500 section note was printed till December 8. The aggregate estimation of these new notes was Rs. 4,968.84 crore.

The minister additionally educated that 365.4 crore bits of Rs. 2,000 notes were printed by RBI which costed about Rs. 1,293.6 crore till December 08, 2017. P Radhakrishnan likewise told about the recently presented Rs. 50 and Rs. 200 banknotes.

He said that around 178 crore pieces of Rs 200 notes have been printed making an aggregate of up to Rs. 522.83 crore. In like manner, Rs. 522.83 crore has been spent on the printing of 178 crore pieces of Rs. 200 notes.

The RBI, on August 25, issued another cash of Rs. 200 division banknotes in the Mahatma Gandhi (New) Series.

This came in directly after when the national bank redid the current Rs. 50 notes in a new variation. Presentation of this new cash and configuration has been gotten considering different components like the simplicity of exchange for the normal man, substitution of dirtied banknotes, expansion and the requirement for battling duplicity.

Presently in India, we have cash divisions of Rs 1, 2, 5, 10, 20, 50, 100, Rs 200, 500 and 2000. Answering to another query, the minister additionally brought up the RBI’s surplus exchanged to the administration amid the past financial year (FY17).