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Printing presses to RBI: Pay us Rs 577 cr for note-ban loss

The government’s currency paper printing presses have asked the Reserve Bank of India (RBI) for compensation or reimbursement to the tune of Rs 577 crore for what they estimate was the loss and wastage they had to incur due to the November 8, 2016 announcement of demonetisation of Rs 1,000 and Rs 500 currency notes. This adds another dimension to the demonetisation woes of the RBI which has, in its recently released annual report, admitted to lower profits and to paying the government a reduced annual dividend on account of it. Top government officials and officials in the currency paper printing establishment told The Indian Express that the matter was under discussion and since the printing presses were captive units — they do no commercial work — the losses they incurred on account of demonetisation would surely have to be offset. The Rs 577-crore bill is largely on account of huge consignments of imported/indigenous currency note paper used for Rs 1,000 and Rs 500 denominations as well as consignments which had been previously ordered or were in the process of being shipped to India.

Source: Indian Express

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