The Currency Note Press (CNP) in Nashik has sent the first batch of newly printed Rs 500 currency notes to the Reserve Bank of India. First Batch consists of 5 million pieces of Rs 500 notes. Additional five million pieces of notes with Rs 500 denomination will be dispatched on or before Wednesday.
Actually, Reserve Bank of India have plans to print 500 million notes with Rs 500 denomination by March 2017. New Rs 500 currency notes have been printed at two presses in Nashik. Two Printing Presses in Mysore and the one at Dewas region in Madhya Pradesh were also used for the printing of new currency.
Storing of the old currency notes has become a huge worry for RBI now. The Bank Currency chests don't have enough storage space to store such large amount of currency. Even nearly 300 chests of Cash Logistics Companies and those chests owned by Banks looks insufficient to hold the currency coming back from the 130 crore people.
Actually, Reserve Bank of India have plans to print 500 million notes with Rs 500 denomination by March 2017. New Rs 500 currency notes have been printed at two presses in Nashik. Two Printing Presses in Mysore and the one at Dewas region in Madhya Pradesh were also used for the printing of new currency.
Storing of the old currency notes has become a huge worry for RBI now. The Bank Currency chests don't have enough storage space to store such large amount of currency. Even nearly 300 chests of Cash Logistics Companies and those chests owned by Banks looks insufficient to hold the currency coming back from the 130 crore people.