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Clean currency will overcome note shortage, says Bimal Jalan

Reserve Bank of India governor Bimal Jalan today announced that the currency shortage problem in the country would be solved by next year.

Inaugurating the Rs 8.79 billion Bharatiya Reserve Bank Note Mudran Limited, a high-tech printing unit, in Mysore, Karnataka, he said the RBI had already solved the soiled currency note problem. Shortage of currency and coins would be overcome by printing additional notes from this unit.

Jalan said 1999 had been declared as the "currency year" and all possible efforts would be made to provide clean currency to the people.

RBI deputy governor and BRBNML chairman Jagdish Kapur said the country needed 16 billion notes by the year 2000 as against the present availability of four billion. The availability would soon be six billion notes, he added.

He said currency in Rs 1,000 denomination would be printed from January next year. The Union government had already given permission for this.

UNI

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