When the government banned Rs 500 and Rs 1,000 currency notes on November 8 last year, why did people had to stand in queues for weeks? Demonetisation was followed by remonetisation , but why did it take so long? RBI had a stock of around Rs 4.95 lakh crore of the new Rs 2,000 notes when demonetisation was announced, but it did not have a single new Rs 500 currency note, according to an IANS report.The note was introduced into the system later. Rs 2,000 notes were not easy to change so they did not help common people. The production and printing cycle of a currency note normally takes 40 days, including time for procuring paper for the new design.

Source: Economic Times August 14, 2017 07:07 UTC