After PM Narendra Modi’s decision of scrapping 500 and 1000 rupee notes, there has been a lot of confusion over the shortage of notes in banks. Although, RBI has released the Rs. 2000 note earlier most of the people could not buy anything due to lack of change. Now, newly printed 500 notes have been introduced and finally there is some relief.
The Currency Note Press in Nashik had been dispatched the 1st lot of 5 million Rs 500 to the RBI. Most of the people have obtained these notes. Also, the 2nd lot would be dispatched by the 16th of November i.e. on Wednesday.
“New series of Rs 500 denomination notes (were) introduced today in New Delhi at SBI Parliament Street Branch,” the Ministry of Finance said in a tweet.
According to the reports Rs. 2000 and Rs 500 units are printed at RBI’s 2 printing units in Salboni and Mysore. RBI has given CNP a target of getting 400 million pieces of new Rs 500 notes by this financial year end. The press also says that “it is also printing Rs 20, Rs 50 and Rs 100 notes in bulk so as to meet the needs of people”.
Also, the government increased the daily limit of withdrawal from ATMs from Rs. 2000 to Rs. 2500 and exchange limit from Rs. 4,000 to Rs. 4,500.