New Currency Notes were printed only after September 4

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    Though the demonetisation decision was taken by the government 6 months ago , but the new currency notes were sent for printing only after September 4 ! Why? Because it was the day when Reserve Bank of India (RBI) Governor Urjit Patel took charge and the Central Government wanted him to first chair the Governor position and took his signature on the plates and then sent the new currency notes for printing.

    A senior government officer said that “The signature of Urjit Patel on the new currency notes takes almost two months to switch over to new design plates. The initial plan was to just phase out the existing bank notes which were in circulation . And maybe that is the reason we are in shortage of new currency notes.”

    He also explained that ‘this process of changing the currency notes was not new , it was pending since 2011. During NDA regime this decision came to forefront , but with Modi government in power now , this decision was seriously considered in the month of May this year and that was the time when Modi gave a green signal to go ahead with this decision.’

    “New bank notes were printed just 2 months ago , now ATMs and other machines have to re tuned or re caliberated to the new plates and advanced security features” he added.

    “It is not a procedure that can be done in an over night , the security features added to this new currency notes is a huge exercise and takes any where between 5 to 6 years . The first security feature were added back in 2005 to all the denominations” he explained.

    He added “Pakistan was able to copy the security features of our old notes and then counterfeit it in India but this time they cannot do this , we have opted to that level of security features in our new notes and for this to happen , it will take time , even we are running out of time but we don’t have any other option left!”