Govt is emphasising on providing cash to rural areas, says Shaktikanta Das

Shaktikanta Das, Secretary Economic Affairs, on Thursday said that the government is emphasising on providing cash to rural areas from where reports of inadequate availability of cash are coming in.

Das, who was briefing the media in North Block, said that the distribution of notes streamlined to avoid criss-cross movements. He also assured that airlifting of new notes will be done where necessary.

Moreover, he said that, currently, the emphasis is on making cash available to cooperative banks for crop loan disbursement. 

He said that initially the focus was to supply Rs 2000 notes to replace more amount of old currency in shorter time, but now the focus is on printing more Rs. 500 notes.

However, earlier too Rs 500 notes were being printed parallely. He said that various wings of government and the Reserve Bank of India are working to ensure that the situation eases out. 

Commenting on the security feature of new currency, Das said, "It's the first time new currency notes have indigenous design, including security features."

Further, he also mentioned that as the uncertainty pertaining to US Federal Reserve interest rate hike has been ended , the markets will remain stable.

Post the demonetisation announcement, there were reports on people hoarding Rs 2000 notes. Talking about the it, Das said, "Action against illegal accumulation of new notes is based on specific inputs by revenue authorities and by FIU".

Lastly, he said notes seized from illegal accumulations are being put back into the circulation as soon as possible.