Seized cash will come into circulation: Shaktikanta Das

“Talking about the fake currency in the market, Das said that possibility of counterfeiting new Rs 500 and Rs 2,000 notes is very, very less. “First time notes were indigenously designed in house with security features which makes notes more secure with less chance of counterfeiting,” said Das. He added that initial focus of the government was to supply Rs 2,000 notes to replace value that was taken out of the market. “Now the focus is on printing more of Rs 500 notes,” said Das. Assuring the situation of cash crunch to improve soon, Das said there are 2.2 lakh ATMs and more than 2 lakh ATMs have already been re-calibrated. He, however, added that banks prefer to supply cash via branches to their customers than through ATMs.

The Supreme Court said that the Centre should adhere to its notification allowing withdrawal of Rs 24,000 per week from bank accounts after demonetisation of high-value currency notes. “They (government) must adhere to Rs 24,000 notification unless it is modified,” a three-judge bench headed by Chief Justice TS Thakur observed after senior advocate Kapil Sibal, appearing for a petitioner who has challenged demonetisation move, said that people are facing hardships.