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HomeIndiaFinance Ministry In Lok Sabha Said There Is No Proposal To Extend...

Finance Ministry In Lok Sabha Said There Is No Proposal To Extend Deadline For Exchange Of Rs 2000 Notes


2000 Rupee Forex Ban: The Reserve Financial institution of India (RBI) had given time until September 30 to deposit and trade two thousand notes within the financial institution. Now the Finance Ministry has advised on Monday (July 24) that there is no such thing as a proposal to increase the deadline for trade or deposit of Rs 2,000 notes past September 30, 2023.

Minister of State for Finance Pankaj Chowdhary replied to a query within the Lok Sabha. The query was whether or not there’s a proposal to increase the deadline for trade of Rs 2000 notes in banks past September 30. To which the minister stated that at current there is no such thing as a such proposal.

RBI had introduced to withdraw 2000 notes

One other query was raised within the Home whether or not the federal government was planning to demonetise excessive denomination notes to eradicate black cash. On this additionally the minister replied within the damaging. On Could 19, the Reserve Financial institution abruptly introduced the withdrawal of Rs 2000 notes from circulation.

To date 76 p.c notes have come again

In keeping with RBI, 76 p.c of the Rs 2000 notes in circulation have both been deposited in banks or have been exchanged. The Rs 2000 notes in circulation have come down from Rs 3.56 lakh crore on the day of announcement on Could 19 to Rs 84,000 crore on June 30.

2000 be aware was launched in 2016

RBI stated that 87 p.c of the returned notes have been deposited in financial institution accounts on behalf of the general public. Whereas the remaining 13 p.c have been modified. The 2000 rupee be aware was launched on November 10, 2016. Then after the announcement of demonetisation by the Central Authorities, the notes of Rs 500 and Rs 1000 which have been in circulation at the moment have been closed. After this, a brand new be aware of 500 was additionally launched.

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