Friday, March 29, 2024
Advertisement
  1. You Are At:
  2. News
  3. Business
  4. No proposal to withdraw Rs 2,000 notes: Arun Jaitley

No proposal to withdraw Rs 2,000 notes: Arun Jaitley

Finance Minister Arun Jaitley today said there is no proposal to withdraw the Rs 2,000 notes that were introduced post demonetisation.

India TV Business Desk India TV Business Desk New Delhi Published on: March 17, 2017 14:41 IST
No proposal to withdraw Rs 2,000 notes: Arun Jaitley
Image Source : PTI No proposal to withdraw Rs 2,000 notes: Arun Jaitley

Finance Minister Arun Jaitley today said there is no proposal to withdraw the Rs 2,000 notes that were introduced post demonetisation. 

The Rs 2,000 banknotes were introduced along with new Rs 500 currency following the withdrawal of old Rs 500 and Rs 1,000 notes from November 9, 2016.

"There is no proposal to withdraw the Rs 2,000 denomination banknote," the minister said in a written reply in the Lok Sabha. 

Jaitley further said the Rs 500 and Rs 1,000 notes returned to currency chests of the RBI amounted to Rs 12.44 lakh crore (as on December 10, 2016). 

The data obtained in this regard would need to be reconciled with the physical cash balances to eliminate counterfeit notes, accounting errors and possible double counts after which only the final figures will be arrived at, he said. 

He added that as on March 3, 2017 the currency in circulation was Rs 12 lakh crore and as on January 27, it was Rs 9.921 lakh crore. 

Jaitley said the cash recall seeks to create a new "normal" wherein the GDP will be bigger, cleaner and real. 

"This exercise is part of the government's resolve to eliminate corruption, blackmoney, counterfeit currency and terror funding. 

"This exercise has resulted in an increase in deposits with banks. This will facilitate reduction of interest rates and provide more headroom to banks to expand their credit base," the minister said. 

Following demonetisation, several restrictions were imposed on withdrawal from banks as well as ATMs. The restrictions have been gradually removed.

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business

Advertisement
Advertisement
Advertisement
Advertisement