Surgical action being conducted on cash hoarders: Shaktikanta Das

Economic Affair Secretary Shaktikanta Das today in a press conference said that "out of 2,20,000 ATMs in India, over 2,00,000 ATMs have already been re-calibrated". He also said that " possibility of counterfeiting new 500 & 2000 notes is very very less and they are completely indigenous". Let's have a look at the key takeaways from his press conference:

1) This is the first time that the notes are indigenously designed in house with security features,which makes them more secure and with less chance of counterfeiting.

2) He said that the intial focus was to supply Rs 2000 notes to replace value that was taken out of the market but now the focus is on printing more of Rs 500 notes.

3) Airlifting of currency to continue wherever necessary but the major emphasis will be on the rural area to ensure that there is enough cash made available to them.

4) Total number of notes in lower denominations of Rs 100 & below supplied in the last five weeks is three times of what RBI supplies in an year.

5) Banks currently prefer to supply cash through branches than ATMs.

6) RBI has been asked by the government for double counting to cross check the number of old and junk notes deposited in banks.

7) Situation will ease as more Rs 500 notes will be made available in the market.

8) No significant changes has been made in winter crop sowing.

9) Markets have already factored the rate hike in US and it is expected to remain fairly stable.

10) Banks have tightened their surveillance and vigilance mechanism to keep a check on cash hoarders.

11) The process of currency distribution has been further streamlined in order to avoid criss-cross movement of notes.

12) The action enforcement agencies are taking on illegally accumulated money based on specific inputs can be called a surgical action.

13) RBI, government working together to ease the situation.