About Rs 1294 crore spent on printing of new 2000 notes

2000 rupees note
2000 rupees note

The government has informed the Rajya Sabha that about Rs 1294 crore was spent on the printing of new Rs 2000 currency notes post demonetisation.

Minister of State for Finance P Radhakrishnan in a written reply to a question raised by Rajyasabha member, Kapil Sibal informed that as many as 3654.5 crore pieces of Rs 2000 denomination note were printed till December 8.

The amount spent o the production of Rs 2000 notes was Rs 1293.693 crore, the minister told.

The minister also informed that the RBI printed 1039.49 crore pieces of Rs 50 notes. The cost incurred is about Rs 85.5334 crore.

Similarly, Rs 522.83 crore have been spent on printing of 178 crore pieces of Rs 200 notes.

The minister also informed about the no. of 500 rupees notes printed till 8th December, the answer stated that  16957.317 were printed at a cost of  522.8376 crores.

Meanwhile, on the question whether Government is planning to introduce 1000 rupee note, the minister informed ,”Review of denomination and design of banknotes is an on-going process, conducted by the Reserve Bank of India from time to time based on economic factors and monetary reviews.”

Kapil Sibal in his question series on printing of demonetised notes also asked about  the details of expenditure incurred in exchanging of currency notes post demonetisation on which the minister stated,”Since the exchange of currency notes are undertaken as the regular activity with available staff, no expenditure records are maintained in this regard.”

The government on November 8, 2016 announced to demonetise old Rs 1,000 and Rs 500 notes, which together accounted for about 86 per cent of the currency in circulation. About 99 per cent of the scrapped currency was returned to the RBI. As part of its remonetisation 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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