The government has ramped up printing of currency notes and is operating all the four presses 24x7, an official said today amid ATMs running dry in many parts of the country.
Since this week, the presses are minting out Rs 500 and Rs 200 notes without a break to meet an estimated Rs 70,000 crore of currency shortfall in the country, he said.
On an average, the four presses of Security Printing and Minting Corporation of India Limited (SPMCIL) operate for 18-19 hours daily with a 3-4 hour break. But since the time ATMs ran dry due to "unusual spurt in demand" for cash, the presses are operating 24X7, an official told PTI.
Normally a currency printing cycle is of 15 days, meaning thereby the increased number of currencies which are being printed beginning this week would be available only towards the end of this month.
The official said that the printing of currency 24x7 was last done post demonetisation when the printing of new Rs 2,000 notes was fast tracked to meet the liquidity shortage in the market.
The Reserve Bank of India (RBI) had on Tuesday stated that there is sufficient cash in its vaults and currency chests. "Nevertheless, printing of the notes has been ramped up in all the 4 note presses."
Disclaimer: No Business Standard Journalist was involved in creation of this content