Live
- Thanks to Centre, AP on fast-track mode
- First Impressions and Unboxing of the MacBook Pro M4: A Powerhouse for Professionals and Creators
- China Gears Up for Potential Trade War Amid Trump’s Tariff Threats
- Small Farmers Gain Less by Selling to Supermarkets: Study Reveals
- Why Despite the Controversy, America Is Anticipating the Mike Tyson vs. Jake Paul Fight
- Sanju Samson and Tilak Varma Shine: Record-Breaking Feats in 4th T20I Against South Africa
- India Urges $1.3 Trillion Annual Climate Support for Developing Nations
- Bad air: 106 shuttle buses, 60 extra Metro trips planned to make Delhiites give up cars
- WHO reports declining monkeypox cases in Congo
- CM Attends Kotideepotsavam on Kartika Purnima
200 note to be issued soon
With rumours spreading across the country speculating a withdrawal of the newly-introduced Rs 2,000 note, Minister of State for Finance Santosh Kumar Gangwar said there was no news on scrapping the new currency denomination, while adding that the Rs 200 note will be in circulation soon.
Minister says not aware of scrapping of 2,000 note
New Delhi: With rumours spreading across the country speculating a withdrawal of the newly-introduced Rs 2,000 note, Minister of State for Finance Santosh Kumar Gangwar said there was no news on scrapping the new currency denomination, while adding that the Rs 200 note will be in circulation soon.
“No news that Rs 2,000 will be scrapped. 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 in an interview.
Gangwar said that “Rs 200 note, printing of which had already begun, would be in circulation soon. The move to introduce Rs 200 note was to increase the circulation of smaller denomination notes.”
A top government official, on condition of anonymity, said that the Rs 200 note would be introduced in the markets in August. “The paper for Rs 200 notes was ready in the Mysuru Paper Mill in June. It should be in circulation next month,” the official said.
The government had brought in the Rs 2,000 note immediately after November 8, 2016 demonetisation to expedite remonetisation. According to media reports, the government has stopped further printing of the recently printed Rs 2,000 notes.
Industry experts said the government was aiming to limit the circulation of high denomination Rs 2,000 note, which would remain a legal tender, but not demonetise it. The circulation of smaller denomination notes would be increased by introducing a new Rs 200 note.
“Though the number of small denomination notes has increased, the mismatch caused by the presence of Rs 2,000 denomination straight after Rs 500 denomination is causing difficulties in exchanging the high denomination notes,” the SBI Ecowrap report noted.
