No ban on Rs 2000 note, RBI to decide on Rs 200 note release date, says Arun Jaitley
New Delhi: Finance minister Arun Jaitley on Wednesday said the government is not considering a ban on Rs 2000 notes, and that the Reserve Bank of India (RBI) will decide on the timing of the release of the new Rs 200 note.
The government has given the go-ahead to RBI to issue Rs 200 notes, a move that is aimed at easing the pressure on lower-denomination currency.
“The whole process regarding by when the notes will be printed, RBI will take care of that issue. Thus, it would be appropriate for the RBI to announce about dates and related matters to the note printing,” Jaitley told reporters in New Delhi.
When asked whether the government is considering to phase out Rs 2000 notes, he said: “No, there was no such discussion”.
Following the demonetisation of old Rs 500 and Rs 1000 notes on 8 November last year, the RBI had introduced Rs 2000 notes and new Rs 500 notes with additional security features.
Mint reported in July that the Reserve Bank of India (RBI) has stopped printing Rs 2000 notes about five months ago and is unlikely to print more in the current financial year.