Cost of printing Rs 500 note is Rs 3, says FM

Cost of printing Rs 500 note is Rs 3, says FM

Cost of printing Rs 500 note is Rs 3, says FM

 The cost of printing each Rs 500 currency notes is around Rs 3 and that of Rs 2,000 comes to about Rs 3.70, Finance Minister Arun Jaitley informed the Lok Sabha on Friday.

He said the currency notes are printed at four printing presses. Two are with Security Printing and Minting Corporation of India (SPMCIL) and two with the Bharatiya Reserve Bank Note Mudran (BRBNMPL).

Jaitley further said that till February 24, 2017, about 11,64,100 new currency notes were in circulation in the market. “This amount must have now increased to 12 lakh, as it has been a fortnight since then,” he added.

Giving further details, Minister of State for Finance Arjun Ram Meghwal said that up to February 2017, there were 1.9 billion and 1.03 billion Rs 5 and Rs 10 coins, respectively in the market. Besides, there were 2.6 billion Rs 10 and 3.6 billion Rs 20 notes.

 Meghwal said there were Rs 16.41 lakh crore worth currency notes in circulation as on March 31 last year, which has come down to Rs 11.73 lakh crore as on March 3, 2017.

“The reduction in notes in circulation is due to demonetisation of specified bank notes,” he said.

Bhutan requests India

Meanwhile, Bhutan has “requested” India to facilitate exchange of the demonetised Rs 500 and Rs 1,000 notes lying with its central bank, Parliament was informed on Friday. The Royal Monetary Authority of Bhutan has approached the RBI regarding the demonetised notes being held by the banks and public in the Himalayan country.