Global Statistics

All countries
704,753,890
Confirmed
Updated on June 22, 2024 5:59 pm
All countries
560,567,666
Recovered
Updated on June 22, 2024 5:59 pm
All countries
7,010,681
Deaths
Updated on June 22, 2024 5:59 pm

Global Statistics

All countries
704,753,890
Confirmed
Updated on June 22, 2024 5:59 pm
All countries
560,567,666
Recovered
Updated on June 22, 2024 5:59 pm
All countries
7,010,681
Deaths
Updated on June 22, 2024 5:59 pm
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No proposal to extend deadline for exchange of Rs 2,000 notes: Finance Ministry

 

The Finance Ministry confirmed on Monday that there are no plans to extend the deadline for exchanging Rs 2,000 notes beyond September 30, 2023. Minister of State for Finance, Pankaj Chaudhary, stated this in a written response in the Lok Sabha, clarifying that there is no proposal under consideration to extend the deadline for exchanging Rs 2,000 notes in banks.

Chaudhary also denied rumors of the government intending to demonetize other high-denomination currency notes in an effort to eliminate black money.

The Reserve Bank of India (RBI) had previously announced the withdrawal of Rs 2,000 notes from circulation on May 19. However, the public was given time until September 30 to either deposit these notes in their accounts or exchange them at banks.

As of June 30, the value of Rs 2,000 notes in circulation has decreased significantly, from Rs 3.56 lakh crore on the day of the withdrawal announcement to Rs 84,000 crore.

RBI reported that 87 percent of the returned notes have been deposited in bank accounts, while the remaining 13 percent were exchanged for notes of other denominations. The minister emphasized that this withdrawal was a planned currency management operation aimed at avoiding inconvenience to the public and preventing disruptions in the economy.

Additionally, the withdrawal of Rs 2,000 banknotes has been accounted for in the current year’s currency requirements. There is a sufficient buffer stock of banknotes in other denominations maintained across the country to meet the exchange and withdrawal demands.

The Rs 2,000 denomination banknotes were introduced on November 10, 2016, to address the urgent currency needs of the economy following the demonetization of all Rs 500 and Rs 1,000 banknotes in circulation at that time.

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