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Thursday , 22 August 2019
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Government refutes reports of Rs 2,000 notes being scrapped; Rs 200 notes to be launched soon

After some media reports speculated that Rs 2,000 notes will be scrapped soon, the government has said that such reports are rumors since there is no news of Rs 2,000 notes being scrapped. The announcement was made by Minister of State for Finance Santosh Kumar Gangwar. The minister said that there are currently no plans to withdraw the Rs 2,000 notes, which were introduced last year after demonetization of Rs 500 and Rs 1,000 currency notes. The Rs 2,000 notes were introduced to cover for the lack of cash supply in the country, arising out of the demonetization. The media reports that had speculated that Rs 2,000 notes would be scrapped had done so since the Reserve Bank of India (RBI) has stopped printing the Rs 2,000 notes. This led to the speculation that the government may be planning to scrap the Rs 2,000 notes. However, the same has now been denied by the government.

Gangwar said that anything to do with printing of notes is RBI’s work, so the RBI needs to confirm if it has stopped or reduced the printing of Rs 2,000 currency notes. “The reduction in printing of new Rs 2,000 notes is a separate issue. But that needs to be confirmed by the Reserve Bank of India (RBI). RBI will give information on Rs 2,000 notes,” Gangwar said. Gangwar also talked about the new Rs 200 notes, and said that these will be introduced soon across the country. He said that it would help increase the circulation of smaller currency in the market. According to sources, the new Rs 200 notes will be introduced in August.

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