5000 crores spent on printing new 500 currency notes
The government has informed the Lok Sabha that about Rs 5,000 crore was spent on the printing of new Rs 500 currency notes post demonetisation. As many as 1,695.7 crore pieces of Rs 500 denomination note were printed till December 8. The minister also informed that the RBI printed 365.4 crore pieces of Rs 2,000 notes. The cost incurred is about Rs 1,293.6 crore.
Similarly, Rs 522.83 crore has been spent on the printing of 178 crore pieces of Rs 200 notes.New design notes in the denomination of Rs 50, 200, 500 and 2,000 have been introduced after demonetisation.
Context: The government on November 8, 2016, announced to demonetise old Rs 1,000 and Rs 500 notes, which together accounted for about 86 %of the currency in circulation. About 99% of the scrapped currency was returned to the RBI.
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