Government confirms it has no proposal to withdraw Rs 2,000 notes

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New Delhi: The government on Friday said that there is no proposal to withdraw Rs 2,000 denomination note.

There is speculations since its launch that the Narendra Modi government will withdraw the Rs 2,000 note sooner or later. In July 2017, a shortage of Rs 2,000 note in the market had fuelled the speculation of its withdrawal from circulation.

The Rs 2,000 note was introduced by RBI after PM Narendra Modi announced the scrapping of old Rs 500 and Rs 1,000 notes in November 2016.

However, with reports spreading like wildfire, the government today clarified that there is no proposal to withdraw Rs 2,000 denomination notes.

Minister of State for Finance Pon Radhakrishnan today stated in the Lok Sabha that there is no such proposal to withdraw the note. The minister was replying to a question whether the government is considering withdrawal of Rs 2,000 notes shortly, reported.

The minister also said that the Specified Bank Notes (Rs 500 and Rs 1,000) have been destroyed post Currency Verification and Processing System (CVPS) were completed. He said that the SBNs were received by the RBI either directly or from bank branches or post offices through the currency chest mechanism and were subjected to verification for authentication and numeral accuracy, he said.

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