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Now big news regarding 500 note, RBI is doing this work 24 hours, 7 days

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500 note: After the demonetisation of 2000 notes, a new order has come from the Reserve Bank of India. The Reserve Bank of India has asked the printing presses to work 24 hours a day, 7 days a week, to replace the 2000 note. Let us tell you that the process of changing 2000 notes has started from May 23, in such a situation people are reaching banks with a huge amount of 2000.

Not even half a day has passed that 500 notes have run out in the banks. Now, for its supply, the Reserve Bank of India has asked the printing press to print notes for 24 hours.

On Friday, the RBI announced the withdrawal of ₹2,000 notes and allowed people to exchange or deposit in their accounts before September 30.

Following the demonetisation of ₹500 and ₹1,000 notes in 2016, the RBI ramped up presses to print ₹200, ₹500 and ₹2,000 notes to replace them. According to a PTI report, RBI’s currency press in Nashik had run out of ink by April 2018 due to heavy printing demand. However, this time, the value of the currency is much lower – ₹3.6 trillion, as against ₹15.4 trillion in 2016.

 

According to RBI data, the combined value of ₹2,000 notes reached a peak of ₹6.73 trillion in March 2018. About ₹3.11 trillion of these notes were phased out by the RBI in five years without being brought back into circulation.

Meanwhile, the RBI gradually increased the printing of ₹500 notes to touch ₹22.7 trillion on March 30, 2022.

Presently, there are four currency presses in the country. Bharatiya Reserve Bank Note Mudran Pvt. Ltd., a unit of RBI, has one press each at Mysore (Karnataka) and Salboni (West Bengal). Security Printing and Minting Corporation of India Limited has two presses at Dewas (Madhya Pradesh) and Nashik (Maharashtra).

Usually these presses work in two shifts to print currency notes.