New Delhi: Finance Minister Arun Jaitley in the present day mentioned there isn’t any proposal to withdraw the Rs 2,000 notes that had been launched submit demonetisation. The Rs 2,000 banknotes had been launched together with new Rs 500 forex following the withdrawal of previous Rs 500 and Rs 1,000 notes from November 9, 2016.
"There is no proposal to withdraw the Rs 2,000 denomination banknote," the minister mentioned in a written reply within the Lok Sabha. Jaitley additional mentioned the Rs 500 and Rs 1,000 notes returned to forex chests of the RBI amounted to Rs 12.44 lakh crore (as on December 10, 2016).
The information obtained on this regard would must be reconciled with the bodily money balances to eradicate counterfeit notes, accounting errors and attainable double counts after which solely the ultimate figures will likely be arrived at, he mentioned.
He added that as on March three, 2017 the forex in circulation was Rs 12 lakh crore and as on January 27, it was Rs 9.921 lakh crore. Jaitley mentioned the money recall seeks to create a brand new "normal" whereby the GDP will likely be larger, cleaner and actual.
"This exercise is part of the government's resolve to eliminate corruption, blackmoney, counterfeit currency and terror funding. "This train has resulted in a rise in deposits with banks. It will facilitate discount of rates of interest and supply extra headroom to banks to broaden their credit score base," the minister mentioned.
Following demonetisation, a number of restrictions had been imposed on withdrawal from banks in addition to ATMs. The restrictions have been step by step eliminated.