"Possibility of counterfeiting new 500, 2000 notes is very less", says Shaktikanta Das

Briefing the media over the US Fed Rate Hike, Economic Affairs Secretary Shaktikanta Das said that the markets have already factored in the rate hike and they would remain fairly stable.

Addressing the media at a briefing, Economic Affairs Secretary Shaktikanta Das said, "A 25 basis points increase by US Federal Reserve has given a roadmap of 2017. It is an indication of how many rate hikes will happen in the future."

Highlighting government's action against black money, he said "Possibility of counterfeiting new 500 and 2000 notes is very less. Also, they are completely indigenous."

"This is the first time that the notes were indigenously designed in house with security features, which makes notes more secure with less chance of counterfeiting," added Das.

"Initial focus was to supply Rs. 2000 notes to replace value that was taken out of the market. Now focus is on printing more of Rs. 500 notes," said Das while laying emphasis on the progress of demonetization.

He also said that airlifting of currency to continue wherever necessary is on the Govt.'s agenda.

"We are laying emphasis on rural areas to ensure enough cash," he said.