Praising the efforts of the currency printing presses, Union Finance Minister Arun Jaitley today said that normalcy has been restored in a very short period after demonetisation.

Addressing the Foundation Day function of Security Printing Minting Corporation of India Limited ( SPMCIL), Jaitley said, "It was perhaps one of the biggest exercises of demonetisation and remonetisation in the world. Experts said it could take anywhere between seven months to one year for the situation to be normalised. But it was done in a few weeks without any major incidents."

The minister said the currency presses of SPMCIL transported 60 million Rs 500 notes that amounted to Rs 21,500 crore through air and moreover the presses of the Reserve Bank of India and SPMCIL have worked over time.

Economic Affairs Secretary Shaktikanta Das also highlighted the important role of SPMCIL in remonetisation noting that workers worked in additional shifts to print currency and the notes were airlifted to different parts of the country.

Addressing the event, Praveen Garg, Joint Secretary in the Finance Ministry and Chairman and Managing Director of SPMCIL, noted that the company has become debt free and it also plans to issue bonds this year.

However, ridiculing the Finance Minister's assertion on demonetisation, Congress party leader Jyotiraditya Scindia highlighted that 125 deaths have taken place post the 8 November decision and it caused immense disruption in businesses that has already led to people losing jobs. Scindia said, "Because of the lack of implementation, 125 people died in the country post the announcement of demonetisation. I want to ask about any government's scheme in the world because of which deaths would have taken place."

Jaitley also praised the Prime Minister for the decision of demonetisation claiming that such a massive exercise has not happened in any country. "If ever research is done on demonetisation, a chapter would talk about printing speed, also keeping secret printing done in advance,” Jaitley said.

The minister said demonetisation has had a positive impact and India is moving to less cash economy, adding the country is moving towards digitalisation. On rate cut, Jaitley said, “It is the prerogative of the RBI to take a decision on it. The banks have already reduced interest rates in the recent past. Due to demonetisation, the banks are flooded with fixed deposits as it has registered significant growth in deposits."