Ever wondered why 2000 rupees notes are dispensed more than the 500 notes by ATM’s and banks? Here is the answer. Printing of 500 notes is done at printing presses of government and 2000 notes are done at the press of RBI and moreover, 2000 note printing has begun far before the 500 notes.
Reports say that RBI is not very happy with the perception of RBI being responsible for both 2000 and 500 denominations to be printed/circulated as they do not have any control over the supply of 500 notes. Officials have also mentioned that shortage of 500 notes is the fault of government to underestimate the requirement.
P. Chidambaram, the former finance minister, estimated the time taken to replace old notes with the new currency to be 7 months. According to him, there are total 2100 cores of old denominations. The printing press with a capacity of 300 cr per month would require seven months to print new notes equivalent to the old ones.