Normalcy restored in currency operations, no shortage: Arun Jaitley

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Finance Minister Arun Jaitley on Friday said normalcy has been restored within few weeks of the unprecedented decision to recall 86 per cent of the currency in circulation and there is no shortage of notes in market. Speaking at the 11th Foundation Day function of Security Printing and Minting Corporation of India Ltd (SPMCIL) here, Jaitley said it was easy to pass comments on demonetisation but tough to implement the decision. He said normalcy was restored within few weeks of the decision to withdraw old notes of Rs 500 and Rs 1,000 notes from circulation. “… the toughest work is to implement it. This is perhaps the biggest demonetisation drive in the world that was aimed at striking at the very root of corruption, black money and counterfeit currency,” he said.

Jaitley said the government was able to restore normalcy in the markets, as against many commentators saying it may take at least seven months for sufficient amount of new currency to be supplied to the market. “Normalcy has been restored within few weeks and there is no shortage (of bank notes) in market for even a day,” he said.

Currency note printing presses of the RBI and SPMCIL have worked without a break to remonetise by issuing new bank notes, he said.

Jaitley added that all this has been achieved “without a single incident” of unrest anywhere in the country, he said adding this was possible because of exemplary work done by printing presses of RBI and SPMCIL who kept the supply line going.

Economic Affairs Secretary Shaktikanta Das said SPMCIL fulfils a sovereign function by printing currency notes, minting coins and printing non judicial papers and stamps.

“During the last one year and especially during the demonetisation period, each and every employee of SPMCIL has risen to the occasion to meet the requirement of printing of new currency notes,” he said.