Cash crunch: Centre to raise printing of Rs 500 currency notes by five times

Many states in India are reeling under shortage of currency notes in ATMs since Monday while Union Finance Minister Arun Jaitley has assured that the cash crunch will be resolved quickly. S C Garg, Secretary, Department of Economic Affairs, while addressing the media on Tuesday, said the union government has taken steps to raise the printing of Rs 500 currency notes by five times. The production of the notes will increase to 2,500 crores of Rs 500 notes per day from the present 500 crore notes per day, he reportedly said.