RBI Governor Urjit Patel briefed the media after Prime Minister Narendra Modi’s bold decision to scarp Rs.500 and Rs.1000 notes from midnight.
Briefing media Urjit Patel said, RBI has been concerned about growing menace of fake Indian currency notes which has been increasing in numbers. He said, There has been no breach of any of the security features but for public the looks of fake Indian currency note is similar to genuine.There will be no impact on the liquidity on the wholesale markets. If at all there is any, we’ll make sure that its addressed. We have increased our production and trying to provide new currency notes as soon as possible.”,said RBI Governor. RBI will release new currency notes with new features,designs and dimensions from 10 November onwards.
Shaktikanta Das, Secretary Economic Affairs, showed new Rs 500 note and Rs 2000 note, to be known as Mahatma Gandhi new series of bank notes. Other denomination currency notes will be printed in due course.
ICICI bank’s CEO & managing director, Chanda Kochhar Welcomed the announcement made by the PM to derecognize Rs 1000 & Rs 500 notes.