News Brief
Finance Ministry Dismisses Plans To Demonetise ₹500 Notes, Addresses Reintroduction of ₹1,000 Notes
Demonetised notes of Rs 500 and Rs 1,000.
The Reserve Bank of India had made an announcement in mid-May this year regarding the removal of ₹2,000 currency notes from circulation.
The deadline for submitting ₹2,000 currency notes at banks is in September.
Further, during the ongoing monsoon session, the Finance Ministry was questioned about the demonetisation of ₹500 notes and the reintroduction of ₹1,000 notes into the economy.
The Finance Ministry has denied any plans for demonetising the highest denomination of currency notes in circulation, which are the ₹500 notes.
Regarding the reintroduction of ₹1,000 currency notes, the ministry stated that the withdrawal of ₹2,000 banknotes was part of a planned currency management operation to prevent inconvenience to the public and any disruptions in the economy.
The withdrawal of ₹2,000 banknotes has been accounted for in this year's requirements, and sufficient stock of banknotes in other denominations is being maintained across the country to meet exchange and withdrawal needs.
The government has confirmed that there is sufficient stock of banknotes in various denominations across the country, even after the withdrawal of ₹2,000 currency notes.
This indicates that there are no plans to reintroduce ₹1,000 notes into the economy.
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