June 19, 2024

The Reserve Financial institution of India introduced the withdrawal of ₹2,000 foreign money notes in mid-Could of this yr. Now, the final date to submit ₹2,000 banknotes is in September month.

Demonetisation of ₹500 Notes and Reintroduction of ₹1,000 Notes

Within the current Monsoon session, the Finance Ministry answered the query about ₹500 foreign money notes being demonetized and ₹1,000 to be reintroduced out there or not.

Pankaj Chaudhary, Minister of State for Finance, answered the query and immediately denied the demonization of the ₹500 foreign money notes, that are the best denomination after ₹2,000.

“In response to the RBI, the withdrawal was a foreign money administration operation deliberate to keep away from any inconvenience to the general public or any disruption within the financial system. Additional, withdrawal of ₹2000 banknotes has been factored in, within the present yr’s requirement and ample buffer inventory of banknotes in different denominations is being maintained throughout the nation to satisfy alternate/withdrawal necessities,” mentioned MoS Finance regarding the reintroduction of ₹1,000 foreign money notes in circulation.

In response to the supplied info, the federal government affirms that there’s an ample reserve of banknotes in varied denominations throughout the nation, even after the discontinuation of ₹2,000 foreign money notes. Consequently, there are not any present plans to reintroduce ₹1,000 notes into the financial system.

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The response means that following the withdrawal of ₹2,000 foreign money notes, the federal government has taken measures to take care of a considerable buffer inventory of banknotes in numerous denominations all through the nation. As a direct consequence of this motion, the authorities have explicitly clarified that there are not any intentions of reintroducing ₹1,000 notes into financial circulation. This transfer highlights the federal government’s dedication to managing the foreign money provide successfully and making certain a clean financial transition.