Moneycontrol
Nov 29, 2016 06:26 PM IST | Source: CNBC-TV18

Demonetisation: RBI printing notes worth close to Rs 30k cr daily, says Gangwar

The Reserve Bank of India is taking measures to ease cash crunch and is printing currency notes worth close to Rs 30,000 crore daily, MoS Finance Santosh Gangwar told CNBC-TV18. The central bank is now focusing more to print the Rs 500 notes to ease cash crunch in the economy, he added.

Union Minister of Finance Santosh Gangwar believes that the country's citizens are supporting the government's demonetisation drive. He asserted that the Reserve Bank of India is taking measures to ease cash crunch and is printing currency notes worth close to Rs 30,000 crore daily.

The Reserve Bank is now focusing more to print the Rs 500 notes to ease cash crunch in the economy, he said.

Over the protests against the move, Gangwar told CNBC-TV18 that before the demonetisation step, Prime Minister Narendra Modi had given a chance to people to disclose income via the Income Declaration Scheme (IDS). The Opposition, he said, is bound to find faults with every move of the government.

The main aim is to move towards becoming a cashless economy, Gangwar said expressing optimism that increasingly people will move towards mobile banking in the future 


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