The Reserve Bank of India (RBI) which holds the sole authority to issue the bank notes of the various denominational values has recently decided and taken steps in order to ramp the production of the currency notes of Rs. 500 as in comparison to the currency notes of Rs. 2,000.
On daily basis, the currency notes of various amounts like Rs.100, Rs. 200 as well as Rs. 500 as in comparison to the bigger amount that is Rs. 2,000 are witnessed as a comfortable mode of payment and transaction because of various reasons like easy pays, less need of change and much more.
RBI Ramps Production of Rs. 500 Notes
The notes of different denominations like Rs. 100, Rs. 200 as well as Rs. 500 are commonly used on a larger scale by the people when it comes to making different kinds of payments as in comparison to the notes of Rs. 2,000 being used as a mode of payment. The note of Rs. 2,000 is not considered as a very comfortable way to make payments for the amount is large if a small sum of money is to be paid in the market.
Currently, as per Reserve Bank of India, there are as many as Rs. 7 lakh crores notes of Rs. 2,000 in circulation which is an adequate amount and hence, no amount of new notes are being issued. The Rs. 500 currency note is in demand and therefore, the production of the same has been ramped to about Rs. 2,500 to 3000 crores for a single day. Enough amount of cash is being supplied and precautions for any cases of the extra demand have also been taken in order to duly meet them.
RBI States Country’s Liquidation Scenario
The officials of the Reserve Bank of India have stated that in the current scenario, there is no position of cash crisis and the demand of the adequate need of various cash denominations are being met duly. Also, the security features of the different currency notes are considered time and again so as to ensure that the duplicacy does not take place.
Also, there is no need of a hike in the interest rate which is subject to the inappropriate rise in the rate of inflation or any kind of extraordinary growth in the output level.
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