Reserve Bank of India Deputy Governor R Gandhi claimed that the government's decision to ban Rs 500 and Rs 1000 notes was taken after detailed deliberations and not in haste. "The demonetisation decision was not taken in haste. Nineteen billion new notes have been given to public, more than what we have supplied to public in the last 3 years," he said while addressing a press meet following the bank's bi-monthly monetary policy review.
Responding to a query on the review of the last date of demonetisation drive, Gandhi said, "About the date, it is a continuous review. The programme is as of now December 30." He also pitched the move, asking people not to panic. "We are trying to provide adequate cash. We advise people to not panic or hoard cash. They should also consider adopting more digital payments as there are many available options. RBI's note printing presses are working at full capacity and as on December 5, notes worth 4 lakh crore have been supplied to the banks."
He stressed there is no shortage of cash. "So far about 12 lakh crore demonetised Rs 500 and Rs 1000 notes have been deposited in the banks and new notes are continuously being supplied to ease the pressure." Gandhi addressed a question on the bank's plans to re-introduce new Rs 1000 notes, saying, "Choice of denomination as I have mentioned is based on the requirements of the public. It will be determined as time goes on. Whether Rs 1000 notes will be coming or not, yes, down the line there can be a decision relating to that. As of now, we have not determined anything about it."
