Ten days after the Centre decided to ban Rs 500, Rs 1,000 currency notes to eliminate black money, Reserve Bank of India has asked the Currency Note Press (CNP) in Nashik to re-start printing of Rs one rupee notes to counter the ongoing cash crunch.
The CNP had stopped printing notes of the smallest unit of the currency 30 years ago. Following the demonetisation move, the government issued new high-denomination currency of Rs 500 and Rs 2,000. The decision led to chaos across the country and markets witnessed a huge spike in demand of smaller denomination currency.
The CNP, which is one of the nine units of the Security Printing and Minting Corporation of India (SPMCI), dispatched currency notes of Rs 1, 10, 20, 50 and 500 worth five crore rupees. On November 16 too, the press printed Rs 1.90 crore in denomination of Rs 100.