The cash crunch following the governmentâs decision to demonetise Rs 500 and Rs 1,000 banknotes has led to large queues in front of banks and ATMs. It has also raised questions whether the government and the Reserve Bank of India have the necessary infrastructure in place to replace the currency in a short period.
RBI data show the country needs to replace 86.4% of the currency under circulation. This comprises 1,570.7 crore pieces of Rs 500 denomination and 632.6 crore pieces of Rs 1,000 that have been withdrawn.
India has five mints where notes are printed. The newest mint is Bank Note Paper Mill in Mysore, which began commercial production in April. However, it could still take a few months to replace all the currency. Hereâs a quick look at where currency notes are printed and how demonetisation has worked so far.
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