Government to raise printing of Rs 500 notes by five times, says Economic Affairs secretary

Amid the cash crunch in several parts of the country, the BJP-led central government on Tuesday decided to increase printing of Rs 500 notes by five times.

Economic Affairs secretary Subhash Chandra Garg informed the development in a press briefing.

“We have taken steps to increase the production of Rs 500 notes by five times,” said Garg.

The Economic Affairs secretary further told the media that the government will supply Rs 2,500 crore of Rs 500 notes per day.

He further added that steps have been taken steps to increase the supply of currency.

Earlier in the day, Finance Minister Arun Jaitley tool to the micro-blogging site Twitter to usage concern over currency shortage.