In 2016, the Reserve Bank of India (RBI) had released Rs. 2000 notes. While some loved the decision, some did not. Now, the ATMs are not being filled with Rs. 2000 notes. The Finance Minister, Nirmala Sitharaman gave an answer of the same in the Lok Sabha.

Rs. 2000 notes 

Have Banks Been Given Instructions? 

Responding to the query regarding if the RBI has put restrictions on banks to disburse currency notes of Rs. 2000 denomination, Sitharaman stated that no such instructions have been given. 

Finance Minister, Nirmala Sitharaman

She added, “Banks make their own assessment of amount and denominational requirement for ATMs on the basis of past usage, consumer requirement, seasonal trend, etc.”  

Future Of Rs. 2000 Notes

Another question that was raised in the Budget Session by Rajmani Patel was if RBI was introducing a new design of banknotes for Rs. 2000 notes. 

Also Read: Hilarious Hashtag #BoycottMillennials Is Trending Thanks To FM Nirmala Sitharaman

For this, a written reply was given in the Parliament by the Union Minister of State in the Ministry of Finance Pankaj Chaudhary. He said that there are no such plans as the RBI had already introduced new designs in the year 2016. 

Will Rs. 2000 Notes Be Discontinued? 

On March 14th, during the Budget Session, a query regarding the discontinuation of Rs. 2000 notes was raised. 

Chaudhary responded to the question by saying that though Rs. 2000 notes have not been printed since 2019-2020 onwards, there are no plans to discontinue them. 

MP Santosh Kumar inquired, “Whether Rs 9.21 lakh crores worth currency notes of Rs. 500 and Rs. 2000 denominations issued after demonetization, have gone out of circulation?” 

Saying that no such data is available, Sitharaman said, “As per Annual Reports of the Reserve Bank of India (RBI), the total value of ₹500 and ₹2000 denomination banknotes in circulation as on end-March 2017 and as on end-March 2022 was ₹9.512 lakh crore and ₹27.057 lakh crore.”

Image Credits: Google Images

Feature image designed by Saudamini Seth

Sources: Financial Express, Mint, Times Now

Find the blogger: Palak Dogra 

This post is tagged under: finance minister of India, nirmala sitharaman, modi government, finances, economy, financial sector, economic sector, two thousand rupees notes, automatic teller machine, ATMs

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