No plan to withdraw ₹2000 notes : Arun Jaitley

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Kunwar Prithvi Singh Chauhan
Part time journalist, full-time observer. Editor-in-Chief at The Indian Wire. I cover updates related to business and startups.

Union finance minister Arun Jaitley on Friday ruled out rumors of discontinuing the new 2000 notes. The government and Reserve Bank of India had issued 2000 notes with the new notes of 500 after the demonetization announcement on 8th November 2016.

In a written reply to Lok Sabha today, Arun Jaitley stated that there was no proposal to withdraw the banknote of 2000 and that the ministry is currently targeting on enabling a cashless system around.

Giving information on the figures post demonetization, Jaitley stated that a total of 12.44 lakh crores were returned to RBI chest branches in the old currency denominations of 500 and 1000 till 10th December 2016.

Arun Jaitley also added that as of 3rd March 2017, the total amount of currency in circulation was 12 lakh crore. In his statement, he also said that the demonetization drive will further eliminate corruption, terror funding, black money and counterfeit currency and will result in a bigger and cleaner economy.

There were a few restrictions on the withdrawal from banks and ATMs post demonetization. The restrictions have largely been removed. Also, the banks have more cash deposited in account for now and that has resulted in lowered interest rates for loans.

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