RBI says 93% of Rs 2,000 notes worth Rs 3.32 lakh crore back with banks
Business | September 01, 2023 17:12 ISTThe Reserve Bank of India on Friday informed that about 93 per cent of Rs 2,000 currency notes have been returned to the banks.
The Reserve Bank of India on Friday informed that about 93 per cent of Rs 2,000 currency notes have been returned to the banks.
PM Modi was not at all in favour of Rs 2,000 notes. But, as demonetisation was to be done in a limited time, he gave reluctant permission for it, said former Principal Secretary to Prime Minister Narendra Modi.
Rs 2,000 notes to be withdrawn: The demonetisation witnessed a number of stories some of them were hilarious while others were heart-rending.
The RBI said that people can exchange of Rs 2,000 notes into currency notes of other denominations up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023. The RBI has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.
RBI will withdraw Rs 2,000 currency note from circulation but it will continue to remain a legal tender.
Demonetisation case: Since November 8, 2016 to till date, the note ban has been a flashpoint between the government and Opposition parties. Both sides invoked their own arguments on one of the boldest decisions of the Modi government.
Demonetisation case: The RBI had earlier admitted in its submissions that there were "temporary hardships" and that those too are an integral part of the nation-building process, but there was a mechanism by which the problems that arose were solved.
Demonetisation: The Modi government had discontinued old series Rs 500, Rs 1000 notes on December 8, 2016.
Congress leader Rahul Gandhi takes a swipe at the Modi government on 5 years of demonetisation saying there is no apology for it.
As the nation witnesses 5 years of demonetisation, here is a fact check on the success of the decision that shocked the nation.
Is the Reserve Bank of India (RBI) planning to ban ₹5, ₹10, and ₹100 notes in the country? Ever since India announced the demonetization of ₹500 and ₹1,000 banknotes in the year 2016, there has been similar speculation about other denominations every now and then. Recently, a report claimed that the central bank was banning ₹5, ₹10, and ₹100 notes and that they won't be in circulation from March 2021. But how true is it?
Maharashtra Industries minister Subhash Desai on Monday said 14,787 industrial employees lost their jobs during 2017-18, the fiscal that followed after the demonetisation decision was taken by the Narendra Modi government in its first term.
On the first anniversary of note ban, she had turned her Twitter display picture black in protest.
A law which allowed the Reserve Bank of India (RBI) to circulate Rs 1000 denomination notes in the late 1990s, to tide over the shortage of currency has been scrapped. On Friday, Parliament passed a bill to repeal 58 laws from the statute books. The High Denomination Bank Notes (Demonetisation) Amendment Act, 1998 is one of 58 "redundant" laws repealed last week.
Rahul Gandhi accused Prime Minister Narendra Modi of "robbing" the hard-earned money of the poor and giving it to a few rich.
'Why does Congress find merit in protesting against every anti-corruption measure of the Government of India? What do they fear?'
The government had scrapped Rs 500 and Rs 1,000 notes on November 8, 2016 and announced issuance of new Rs 500 and Rs 2,000 notes.
Kurukshetra, Sept 5: Congress attack BJP over Rafale, demonetisation and other issues
Giving account of several feats achieved by the government on the back of demonetisations, the FinMin claimed that the note ban helped in the formalisation of the economy, brought more money in the system, resulted in higher tax revenue, higher expenditure and higher growth after the first two quarters.
Note Ban: 99.30 percent of the demonetised notes are back, says RBI
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