In a shift noticed as slow phasing out of upper denomination foreign money notes, the banking corporations have begun allotting of Rs 500 notes as towards Rs 2,000 notes. Whilst there are not any instructions from the finance ministry on this regard, the monetary establishments have began off to take action for the relief of consumers, knowledge corporate PTI described bringing up unknown assets. In an RTI response in 2019, the RBI had claimed that it has stopped printing Rs 2,000 foreign exchange notes. The federal government-owned Indian Financial institution in recent times defined that it has decided to conclude the usage of Rs 2,000 foreign money notes in its ATMs. The financial institution discussed that the move is in wake of shoppers experiencing issues in finding a regulate of Rs 2,000 notes. The money dispensation could be disabled in any respect ATMs and cash recyclers of Indian Monetary establishment on March 1, 2020, media experiences had reported.
Within the RTI answer, the RBI skilled defined that during FY17, three,542.991 million notes of Rs 2,000 denominations ended up revealed. Even so, FY18 noticed a marked relief in printing and best 111.507 million notes have been produced, which extra decreased to 46.690 million notes in FY19.
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It was once in November 2016 that the Modi federal govt demonetised Rs 1,000 and Rs 500 denomination notes. In a respond to an issue within the parliament no longer way back, Minister of Indicate for Finance Anurag Singh Thakur in December mentioned there’s no proposal to withdraw Rs 2,000 denomination notes. “This is the genuine be concerned (about demonetisation) which has surfaced now. I think that you ought to not get worried about it,” Anurag Thakur advised the Rajya Sabha in a respond to an issue whether or not or no longer the federal government was once scheduling to withdraw Rs 2,000 notes in long run.