2000 Rupee note may be banned, RBI stops printing: Why Arun Jaitley speechless in Parliament?

2000 Rupee note may be banned, RBI stops printing: Why Arun Jaitley speechless in Parliament?

New Delhi, July 27: New Delhi, July 27: Just after the news that the Reserve Bank of India has stopped printing the new 2000 rupees, the news about another ban is raising anxiety among people.

As per the latest inference from the economists in the country, the government will withdraw Rs 2,000 note unexpectedly, as it happened in the demonetization of 500 and 1000 rupee notes on November 8. Though the opposition has raised the issue in the Parliament today, the government did not give any explanation.

In the Rajya Sabha, the opposition raised the question that whether the government had decided to withdraw the new 2000 rupee notes. But Finance Minister Arun Jaitley kept silence to this question from the opposition.

Though several ministers from the opposition demanded Finance Minister Arun Jaitley answer their question, the minister did not give any explanation. His silence is now speaking more about another note ban.

Reports from different sectors have shown that during the last few weeks, the availability of the 2000 rupee note has decreased in markets. There is also an explanation that people are using 2,000 rupee note to keep their black money.

In the meantime, the Reserve bank has reduced the supply of 2000 rupee notes to the banks in the country. There are also reports that the Reserve Bank has completely stopped the printing of 2000 rupee note.

The Central Government has not yet announced the figures of 500 and 1000 rupee notes returned by banks after demonetisation. The government says that the counting of the notes which were returned by the banks is not yet completed. The opposition accused the government that the details of the returned notes were not published as it would expose the government’s false proclamation that demonetisation would curb black money.

There were also allegations that large amounts could be stored and illegally transferred through a new 2000 rupee note better than with the 500 and 1000 rupee notes. In this circumstances, the 2000 rupee note may be withdrawn after minimising its transaction.

However, there was an explanation that the printing of the 2000 rupee note was stopped so as to print and issue more small amount currencies to reduce the problems in the transaction. The Reserve Bank of India plans to print and issue more 500, 100 rupee notes along with the new 200 notes.

But 200 rupee notes can not be distributed immediately through ATM machines as the machines need to be calibrated accordingly. The concerns on another note ban remain the same as the government does not answer questions about this even in Parliament.

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