Could cost ₹12k cr to replace old ₹500, ₹1,000 notes: Report
It could cost the RBI at least ₹12,000 crore to replace all the ₹500 and ₹1,000 notes with other denominations, a report said. The calculation is based on the number of notes in circulation and the cost incurred in printing them. As per RBI data, it costs ₹2.50 to print each ₹500 note while ₹3.17 to print a ₹1,000 note.