The Reserve Bank of India has issued a fresh reminder on Thursday: if a ₹2,000 note is still sitting in your drawer, it hasn't turned into paper. It remains legal tender, but it's now a relic of a currency experiment that's almost over. The RBI reports nearly 98.5 per cent of ₹2,000 banknotes have been returned since the withdrawal was announced on May 19th, 2023. The total value of these notes has declined from ₹3.56 lakh crore, or over $3.7 billion, to just ₹5,451 crore, or about $572 million, as of April end this year. That means barely 1.5 per cent of the original stock is still floating around with the public, a number shrinking every quarter. This is not demonetisation 2.0. Unlike 2016, when ₹500 and ₹1,000 notes were rendered worthless overnight. The RBI's 2023 move was calculated, low-drama currency management. It did not have any midnight deadlines or queues outside ATMs. The note stays valid indefinitely, with no cutoff date set by the RBI. But the practical channels have narrowed. Commercial banks stopped taking these notes back in October 2023. Currently, only two routes exist. The 19 RBI issue offices scattered across the country, or India Post. One needs to mail the note from any post office to the RBI with account details, and the money lands in your bank account. The bigger signal here is about India’s cash economy itself. High-value notes are being systematically retired in favour of digital rails. As a result, UPI transaction volumes have exploded over the same period the pink note has been vanishing. The RBI isn't panicking about the residual ₹5,451 crore; it is just simply mopping up the balance. For anyone still holding one, there's no legal risk or no expiry clock ticking. But every month of delay means one more trip to a shrinking list of RBI offices, or a slower postal route, to get your money back.

The RBI confirmed 98.5% of ₹2,000 notes have been returned, leaving just ₹5,451 crore in circulation. They remain legal tender and can still be exchanged indefinitely via 19 RBI offices or India Post.

The Reserve Bank of India has issued a fresh reminder on Thursday: if a ₹2,000 note is still sitting in your drawer, it hasn't turned into paper. It remains legal tender, but it's now a relic of a currency experiment that's almost over. The RBI reports nearly 98.5 per cent of ₹2,000 banknotes have been returned since the withdrawal was announced on May 19th, 2023. The total value of these notes has declined from ₹3.56 lakh crore, or over $3.7 billion, to just ₹5,451 crore, or about $572 million, as of April end this year. That means barely 1.5 per cent of the original stock is still floating around with the public, a number shrinking every quarter. This is not demonetisation 2.0. Unlike 2016, when ₹500 and ₹1,000 notes were rendered worthless overnight. The RBI's 2023 move was calculated, low-drama currency management. It did not have any midnight deadlines or queues outside ATMs. The note stays valid indefinitely, with no cutoff date set by the RBI. But the practical channels have narrowed. Commercial banks stopped taking these notes back in October 2023. Currently, only two routes exist. The 19 RBI issue offices scattered across the country, or India Post. One needs to mail the note from any post office to the RBI with account details, and the money lands in your bank account. The bigger signal here is about India’s cash economy itself. High-value notes are being systematically retired in favour of digital rails. As a result, UPI transaction volumes have exploded over the same period the pink note has been vanishing. The RBI isn't panicking about the residual ₹5,451 crore; it is just simply mopping up the balance. For anyone still holding one, there's no legal risk or no expiry clock ticking. But every month of delay means one more trip to a shrinking list of RBI offices, or a slower postal route, to get your money back.

The RBI confirmed 98.5% of ₹2,000 notes have been returned, leaving just ₹5,451 crore in circulation. They remain legal tender and can still be exchanged indefinitely via 19 RBI offices or India Post.

₹2,000: The last of the pink notes face quiet exit as RBI confirms 98.5% of currency returned

The Reserve Bank of India (RBI) has revealed that over Rs 7,961 crore (about $954&nbsp;million) worth of 2000-rupee banknotes have not been deposited and still remain in circulation, even after the withdrawal of the high-value denomination from the system.

This represents 2.24 per cent of the total Rs 3.56 lakh crore (about $42.6&nbsp;billion) worth of 2000-rupee notes that were in circulation when the withdrawal was announced on May 19, 2023.

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The RBI had initially set a deadline of September 30, 2023 for the public and private entities to either exchange or deposit the 2000-rupee notes.

This deadline was later extended to October 7, 2023. However, a significant portion of these high-value notes have not been returned to the banking system.

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The 2000-rupee denomination was introduced in November 2016 following the demonetisation of the then-prevailing Rs&nbsp;1000 and Rs 500 banknotes.

The objective was to meet the currency requirement of the economy in an expeditious manner. However, with the availability of banknotes in other denominations, the printing of 2000-rupee notes was stopped in 2018-19.

Watch |&nbsp;<a href="https://www.wionews.com/videos/india-rainfall-triggers-landslide-in-jammu-kashmir-736831">India: Rainfall triggers landslide in Jammu-Kashmir</a>

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<h2>2000-rupee notes still a legal tender&nbsp;</h2>

The RBI has stated that the 2000-rupee notes will continue to maintain their legal tender status, and the public can continue to use them for transactions.

However, the central bank had encouraged the public to deposit or exchange these notes by the extended deadline of October 7, 2023.

Individuals could exchange the 2000-rupee notes or have the equivalent sum credited to their bank accounts at the 19 RBI offices across the country.

The RBI has also made provisions for individuals to send the 2000-rupee notes through India Post for credit to their bank accounts.

The withdrawal of the 2000-rupee note is part of the RBI's "Clean Note Policy," which aims to ensure the availability of good quality banknotes to the public.

(With inputs from agencies)

The Reserve Bank of India (RBI) has revealed that over Rs 7,961 crore (about $954 million) worth of 2000-rupee banknotes have not been deposited and still remain in circulation, even after the withdrawal of the high-value denomination from the system.

The Reserve Bank of India (RBI) has revealed that over Rs 7,961 crore (about $954 million) worth of 2000-rupee banknotes have not been deposited and still remain in circulation, even after the withdrawal of the high-value denomination from the system. This represents 2.24 per cent of the total Rs 3.56 lakh crore (about $42.6 billion) worth of 2000-rupee notes that were in circulation when the withdrawal was announced on May 19, 2023. Also Read | Australia doubles foreign student visa fee to curb migration, Indian students likely to be hit The RBI had initially set a deadline of September 30, 2023 for the public and private entities to either exchange or deposit the 2000-rupee notes. This deadline was later extended to October 7, 2023. However, a significant portion of these high-value notes have not been returned to the banking system. Also Read | Jammu and Kashmir witnesses a ‘purple revolution’ as lavender farming picks up The 2000-rupee denomination was introduced in November 2016 following the demonetisation of the then-prevailing Rs 1000 and Rs 500 banknotes. The objective was to meet the currency requirement of the economy in an expeditious manner. However, with the availability of banknotes in other denominations, the printing of 2000-rupee notes was stopped in 2018-19. Watch | India: Rainfall triggers landslide in Jammu-Kashmir × 2000-rupee notes still a legal tender The RBI has stated that the 2000-rupee notes will continue to maintain their legal tender status, and the public can continue to use them for transactions. However, the central bank had encouraged the public to deposit or exchange these notes by the extended deadline of October 7, 2023. Individuals could exchange the 2000-rupee notes or have the equivalent sum credited to their bank accounts at the 19 RBI offices across the country. The RBI has also made provisions for individuals to send the 2000-rupee notes through India Post for credit to their bank accounts. The withdrawal of the 2000-rupee note is part of the RBI's "Clean Note Policy," which aims to ensure the availability of good quality banknotes to the public. (With inputs from agencies)

RBI says $954mn worth of withdrawn 2000-rupee banknotes remain in circulation

Governor of Reserve Bank of India Shaktikanta Das said on Monday (June 26) that the impact of the withdrawal of Rs 2,000 currency notes on the economy will be "very very marginal" as the notes accounted for only 10.8 per cent of the currency in circulation.

He described the withdrawal exercise as being part of the currency management operations of the Reserve Bank of India. He said he expected most of the withdrawn&nbsp;Rs 2,000 notes to be returned by September 30, which is the deadline to return the notes.

"As you know that Rs 2,000 notes were not commonly used in any transaction … We have found that it is hardly being used for carrying out transactions. Therefore, economic activity will not be impacted," he said as per Press Trust of India (PTI)

"As part of a clean note policy, he said, RBI has been conducting such exercise of withdrawal of currency notes from time to time and such exercise was undertaken in 2013-14, whereby the notes which were printed prior to 2005, were withdrawn from public circulation."

Asked if ₹2,000 notes will continue to be&nbsp;legal tender, Das said, “It will continue as legal tender. We will wait how many notes are coming. I cannot give a speculative answer about what will happen post-September 30.”&nbsp;

"Most of the notes are expected to come back," he said, adding “that is our expectation at this stage. We will see how many notes come back. And as we approach September 30, we will decide at that stage.”

<h2>No need to panic</h2>

Das said that there was enough time available for people to exchange and deposit the notes in bank accounts so there was no need to panic.&nbsp;

The governor explained that there were more than adequate notes available in the system.

“So there is adequate stock available and there is no reason to worry whatsoever. We have more than sufficient stocks,” he said.

He stressed that RBI was sensitive to difficulties possibly faced by Indians on long foreign visits or those who are living in other countries on work visas.

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“It will be our endeavour to address the difficulties of the people and to complete the entire process in a smooth manner,” he said.

To a question regarding black money coming back to the system, he said, there is a set procedure for deposits in your account or cash exchange.

“What we have said is that the existing requirements or the existing procedures have to be followed by the banks. We have not come out with an additional procedure. You must be aware that there’s an income tax rule if you deposit cash above Rs 50,000 then you have to produce your PAN. So existing rules will apply,” he said.

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Governor of Reserve Bank of India Shaktikanta Das said on Monday (June 26) that the impact of the withdrawal of Rs 2,000 currency notes on the economy will be "very very marginal" as the notes accounted for only 10.

Governor of Reserve Bank of India Shaktikanta Das said on Monday (June 26) that the impact of the withdrawal of Rs 2,000 currency notes on the economy will be "very very marginal" as the notes accounted for only 10.8 per cent of the currency in circulation. He described the withdrawal exercise as being part of the currency management operations of the Reserve Bank of India. He said he expected most of the withdrawn Rs 2,000 notes to be returned by September 30, which is the deadline to return the notes. "As you know that Rs 2,000 notes were not commonly used in any transaction … We have found that it is hardly being used for carrying out transactions. Therefore, economic activity will not be impacted," he said as per Press Trust of India (PTI) "As part of a clean note policy, he said, RBI has been conducting such exercise of withdrawal of currency notes from time to time and such exercise was undertaken in 2013-14, whereby the notes which were printed prior to 2005, were withdrawn from public circulation." Asked if ₹2,000 notes will continue to be legal tender, Das said, “It will continue as legal tender. We will wait how many notes are coming. I cannot give a speculative answer about what will happen post-September 30.” "Most of the notes are expected to come back," he said, adding “that is our expectation at this stage. We will see how many notes come back. And as we approach September 30, we will decide at that stage.” No need to panic Das said that there was enough time available for people to exchange and deposit the notes in bank accounts so there was no need to panic. The governor explained that there were more than adequate notes available in the system. “So there is adequate stock available and there is no reason to worry whatsoever. We have more than sufficient stocks,” he said. He stressed that RBI was sensitive to difficulties possibly faced by Indians on long foreign visits or those who are living in other countries on work visas. Also Read | Indian clock tells story of most populous nation “It will be our endeavour to address the difficulties of the people and to complete the entire process in a smooth manner,” he said. To a question regarding black money coming back to the system, he said, there is a set procedure for deposits in your account or cash exchange. “What we have said is that the existing requirements or the existing procedures have to be followed by the banks. We have not come out with an additional procedure. You must be aware that there’s an income tax rule if you deposit cash above Rs 50,000 then you have to produce your PAN. So existing rules will apply,” he said. You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

'Very very marginal' impact on economy: RBI governor on Rs 2,000 note withdrawal

In a nation grappling with the exchange and depositing of ₹2,000 notes, confusion reigns supreme. On the first day, customers found themselves caught in a whirlwind of differing requirements across banks. While some banks demanded official identity cards and forms, others took a more relaxed approach. The lack of consistency left people puzzled and frustrated as they faced hurdles in their attempts to exchange their currency.

Rs 2000 notes withdrawn: Confusion galore | World Business Watch

Indians are flocking to make big purchases as Rs 2000 notes would soon go out of circulation. The purchases range from daily essentials to&nbsp;even premium goods. Making these purchases with soon-to-be-withdrawn Rs 2000 notes will sidestep the need to exchange them or deposit them at banks.

The Reserve Bank of India, the country's central bank, announced last week that Rs 2000 notes, the country's largest currency denomination, will be withdrawn from circulation by the end of September. No specific reason has been given for the move. The decision comes ahead of state and general elections in the country.

The latest decision to withdraw currency denomination is expected to be far less disruptive than the 2016 demonetisation during which 85&nbsp;per cent of the notes were withdrawn from circulation overnight.&nbsp;

This time, from the weekend, people have thronged stores to spend Rs 2000 notes. This would save them the hassle of queuing up at banks to exchange them. There is a possibility of scrutiny from the tax department as hoarding Rs 2000 notes can be seen as an attempt to keep illegal cash.

<h2>Sales skyrocket</h2>

Indian shops, for their part, eagerly accepted the note, using it as an opportunity to increase sales, several of them said on Tuesday, the first day the exchange was allowed.

“A lot of people are using 2,000-rupee notes to pay for mangoes since Saturday,” said Mohammad Azhar, 30, a mango seller near the Crawford Market area in India’s financial capital of Mumbai. He was quoted by Reuters.

“On a daily basis, I get 8-10 notes now. I accept it. I have no option, it’s my business. I will deposit everything at once before Sept. 30. There is no fear since the note is valid.”

Watch | Rs 2000 notes withdrawn: Confusion galore | World Business Watch

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Michael Martis, store manager at a Rado store in a mall in central Mumbai, said his store had seen a 60 per cent - 70 per cent&nbsp;increase in Rs 2000 notes since the withdrawal was announced.

“That has increased our watch sales to three-four&nbsp;pieces per day from one-two&nbsp;previously,” said Martis, as quoted by Reuters.

Zomato, the popular food delivery app, said on Twitter that 72 per cent of the 'cash on delivery' orders were paid in Rs 2000 notes since Friday. However, the company spokesperson clarified in response to a query seeking details that the tweet was made in jest and was not factual. Reuters said that the company refused to provide actual numbers.

<h2>Not everyone's accepting</h2>

Not all shop owners were keen to accept the notes.

“I don’t accept; I won’t accept. I don’t want to get into the trouble of depositing it with my bank,” said a restaurant owner in South Mumbai.

Unlike in 2016, when customers rushed to banks to exchange the scrapped currency notes, bank branches in Mumbai and New Delhi were mostly quiet with a handful of people standing in queues.

(With inputs from agencies)

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&nbsp;

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Indians are flocking to make big purchases as Rs 2000 notes would soon go out of circulation. The purchases range from daily essentials to even premium goods. Making these purchases with soon-to-be-withdrawn Rs 2000 notes will sidestep the need to exchange them or deposit them at banks.

Indians are flocking to make big purchases as Rs 2000 notes would soon go out of circulation. The purchases range from daily essentials to even premium goods. Making these purchases with soon-to-be-withdrawn Rs 2000 notes will sidestep the need to exchange them or deposit them at banks. The Reserve Bank of India, the country's central bank, announced last week that Rs 2000 notes, the country's largest currency denomination, will be withdrawn from circulation by the end of September. No specific reason has been given for the move. The decision comes ahead of state and general elections in the country. The latest decision to withdraw currency denomination is expected to be far less disruptive than the 2016 demonetisation during which 85 per cent of the notes were withdrawn from circulation overnight. This time, from the weekend, people have thronged stores to spend Rs 2000 notes. This would save them the hassle of queuing up at banks to exchange them. There is a possibility of scrutiny from the tax department as hoarding Rs 2000 notes can be seen as an attempt to keep illegal cash. Sales skyrocket Indian shops, for their part, eagerly accepted the note, using it as an opportunity to increase sales, several of them said on Tuesday, the first day the exchange was allowed. “A lot of people are using 2,000-rupee notes to pay for mangoes since Saturday,” said Mohammad Azhar, 30, a mango seller near the Crawford Market area in India’s financial capital of Mumbai. He was quoted by Reuters. “On a daily basis, I get 8-10 notes now. I accept it. I have no option, it’s my business. I will deposit everything at once before Sept. 30. There is no fear since the note is valid.” Watch | Rs 2000 notes withdrawn: Confusion galore | World Business Watch × Michael Martis, store manager at a Rado store in a mall in central Mumbai, said his store had seen a 60 per cent - 70 per cent increase in Rs 2000 notes since the withdrawal was announced. “That has increased our watch sales to three-four pieces per day from one-two previously,” said Martis, as quoted by Reuters. Zomato, the popular food delivery app, said on Twitter that 72 per cent of the 'cash on delivery' orders were paid in Rs 2000 notes since Friday. However, the company spokesperson clarified in response to a query seeking details that the tweet was made in jest and was not factual. Reuters said that the company refused to provide actual numbers. Not everyone's accepting Not all shop owners were keen to accept the notes. “I don’t accept; I won’t accept. I don’t want to get into the trouble of depositing it with my bank,” said a restaurant owner in South Mumbai. Unlike in 2016, when customers rushed to banks to exchange the scrapped currency notes, bank branches in Mumbai and New Delhi were mostly quiet with a handful of people standing in queues. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Mangoes, gold, luxury watches: Indians are out to offload Rs 2000 notes before phase-out

Prime Minister Narendra Modi launched his ambitious PM Kisan Yojna on Sunday from Gorakhpur — Uttar Pradesh Chief Minister Yogi Adityanath was also in attendance — which aims to give <a href="http://www.wionews.com/south-asia/the-small-and-marginal-farmers-are-caught-in-a-double-bind-17791">the country's small and marginal farmers</a> income support of Rs 6,000 a year.&nbsp;

Modi said in Gorakhpur that the first installment of the money — there will be three a year of Rs 2,000 each — had been paid into the accounts of 1.01 crore farmers. "Today is a historic day," Modi said.&nbsp;

He added that farmers who had not got the first payment would get it in the coming days.&nbsp;

He added added that "for us also loan waivers would have been easy and convenient" but "<a href="http://www.wionews.com/india-news/loan-waiver-not-a-solution-to-farm-distress-niti-aayog-185407">we cannot commit such a crime</a>". The loan waivers have been given by the opposition Congress under Rahul Gandhi.&nbsp;

"This is your money and no one will be able to take it from you," Modi told the country's farmers.&nbsp;He said the scheme had been made foolproof so that no one can snatch away their rights and he added that middlemen will play no role in the scheme.&nbsp;

Modi warned "state governments who are looking to play politics with PM Kisan Yojna" that "if you indulge in this, then curse of farmers will destroy your politics".&nbsp;

To the farmers, he appealed that they not be "misled by anyone".&nbsp;

And that "Mahamilavti logon ke moonh utre huye thhe Parliament mein jab scheme batayi gyi".&nbsp;

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PM:Warn those state govts who are looking to play politics with <a href="https://twitter.com/hashtag/PMKisan?src=hash&amp;ref_src=twsrc%5Etfw">#PMKisan</a> Yojna, if you indulge in this then curse of farmers will destroy your politics.I appeal to farmers, don't be misled by anyone. 'Mahamilavti' logon ke moonh utre huye the Parliament mein jab scheme batayi gyi <a href="https://t.co/zIyHCjj3Qb">pic.twitter.com/zIyHCjj3Qb</a>
— ANI UP (@ANINewsUP) <a href="https://twitter.com/ANINewsUP/status/1099571635450007552?ref_src=twsrc%5Etfw">February 24, 2019</a></blockquote>
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UP CM Yogi Adityanath at launch of Pradhan Mantri Kisan Samman Nidhi scheme in Gorakhpur: We would like to wish Prime Minister Narendra Modi as after gaining respect of the world as 'champion of earth', he was honoured with Seoul peace prize last week. <a href="https://t.co/xSxleAw4by">pic.twitter.com/xSxleAw4by</a>
— ANI UP (@ANINewsUP) <a href="https://twitter.com/ANINewsUP/status/1099564015435595776?ref_src=twsrc%5Etfw">February 24, 2019</a></blockquote>
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The PM Kisan Yojna was announced in this year's interim budget and envisions the payment of the Rs 6,000 a year to 12 crore farmers who own less than 5 acres of land. The scheme&nbsp;is expected to cost the exchequer Rs 75,000 crore a year.&nbsp;

The aid was a response to the massive levels of farmer distress reported from the country's rural areas.&nbsp;

Prime Minister Narendra Modi launched his ambitious PM Kisan Yojna on Sunday from Gorakhpur — Uttar Pradesh Chief Minister Yogi Adityanath was also in attendance — which aims to give the country's small and marginal farmers income support of Rs 6,000 a year.

Prime Minister Narendra Modi launched his ambitious PM Kisan Yojna on Sunday from Gorakhpur — Uttar Pradesh Chief Minister Yogi Adityanath was also in attendance — which aims to give the country's small and marginal farmers income support of Rs 6,000 a year. Modi said in Gorakhpur that the first installment of the money — there will be three a year of Rs 2,000 each — had been paid into the accounts of 1.01 crore farmers. "Today is a historic day," Modi said. He added that farmers who had not got the first payment would get it in the coming days. He added added that "for us also loan waivers would have been easy and convenient" but "we cannot commit such a crime". The loan waivers have been given by the opposition Congress under Rahul Gandhi. "This is your money and no one will be able to take it from you," Modi told the country's farmers. He said the scheme had been made foolproof so that no one can snatch away their rights and he added that middlemen will play no role in the scheme. Modi warned "state governments who are looking to play politics with PM Kisan Yojna" that "if you indulge in this, then curse of farmers will destroy your politics". To the farmers, he appealed that they not be "misled by anyone". And that "Mahamilavti logon ke moonh utre huye thhe Parliament mein jab scheme batayi gyi". PM:Warn those state govts who are looking to play politics with #PMKisan Yojna, if you indulge in this then curse of farmers will destroy your politics.I appeal to farmers, don't be misled by anyone. 'Mahamilavti' logon ke moonh utre huye the Parliament mein jab scheme batayi gyi pic.twitter.com/zIyHCjj3Qb — ANI UP (@ANINewsUP) February 24, 2019 × UP CM Yogi Adityanath at launch of Pradhan Mantri Kisan Samman Nidhi scheme in Gorakhpur: We would like to wish Prime Minister Narendra Modi as after gaining respect of the world as 'champion of earth', he was honoured with Seoul peace prize last week. pic.twitter.com/xSxleAw4by — ANI UP (@ANINewsUP) February 24, 2019 × The PM Kisan Yojna was announced in this year's interim budget and envisions the payment of the Rs 6,000 a year to 12 crore farmers who own less than 5 acres of land. The scheme is expected to cost the exchequer Rs 75,000 crore a year. The aid was a response to the massive levels of farmer distress reported from the country's rural areas.

Modi launches PM Kisan Yojna, says first installment of Rs 2,000 paid to 1.01 crore farmers

The government today (August 8) dismissed the Opposition&#39;s allegations that two types of Rs 500 notes and also Rs 2000 notes were being printed by the Reserve Bank of India (RBI).

The government said all Rs 500 notes had a single unique dimension, as did the Rs 2000 notes. 
 
&quot;Bank notes in each denomination has a distinct dimension. The size of new design Rs 500 bank note is 66mm x 150mm and the size of new design Rs 2,000 bank note is 66mm x 166mm,&quot; Minister of State for Finance Arjun Ram Meghwal said in a written reply to a question in the Rajya Sabha. 
 
The Rajya Sabha was adjourned after the Opposition Congress, supported by the TMC and the JD(U), alleged that two different sizes for the new currencies were being printed in what it called the &quot;biggest scam of this century&quot;.

The Congress said the high denomination notes varied in terms of their size, design and other features and asked the government to explain where and how they were printed since the issue &quot;raises questions over financial structure of the country&quot;.

The Congress said that two types of dimensions &quot;jeopardises the credibility of Indian currency&quot; and asked Prime Minister Narendra Modi to come clear on the issue.

In a separate reply, Meghwal said that National Crime Records Bureau data indicates that the incidents of Fake Indian Currency Notes (FICN) have been reported in some parts of the country. However, examination of the specific parameters reveals that the notes are of low quality. 
 
&quot;No high quality counterfeit new currency notes have been seized by any agency so far,&quot; Meghwal said.&nbsp;

Finance Minister Arun Jaitley said the opposition party has been raising &quot;frivolous&quot; issues without giving notices to stall Zero Hour proceedings. 
Senior Congress leader Kapil Sibal, who raised the issue in the Rajya Sabha earlier in the day, said the party would keep flagging it in Parliament until the government comes out with an explanation.

The former Union minister also alleged that the demonetisation move &quot;failed&quot; to achieve its stated objectives of combating black money, corruption, counterfeit currency and terrorism.

He asked the government to explain its&nbsp;motive in invalidating the old Rs 1,000 and Rs 500 currency notes.

&quot;First they should explain which dye was used (for printing the notes), what types of notes were printed, at which printing press notes of different sizes were printed.

&quot;Having different size of currency notes jeopardises the credibility of the currency. The prime minister, finance minister, RBI governor should come to the fore and explain,&quot; Kapil Sibal told the press. 
 
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The Opposition forced adjournment of the proceedings in the Rajya Sabha over what it called as the 'biggest scam of this century' in the printing of two different sizes for the same currency

The government today (August 8) dismissed the Opposition's allegations that two types of Rs 500 notes and also Rs 2000 notes were being printed by the Reserve Bank of India (RBI). The government said all Rs 500 notes had a single unique dimension, as did the Rs 2000 notes. "Bank notes in each denomination has a distinct dimension. The size of new design Rs 500 bank note is 66mm x 150mm and the size of new design Rs 2,000 bank note is 66mm x 166mm," Minister of State for Finance Arjun Ram Meghwal said in a written reply to a question in the Rajya Sabha. The Rajya Sabha was adjourned after the Opposition Congress, supported by the TMC and the JD(U), alleged that two different sizes for the new currencies were being printed in what it called the "biggest scam of this century". The Congress said the high denomination notes varied in terms of their size, design and other features and asked the government to explain where and how they were printed since the issue "raises questions over financial structure of the country". The Congress said that two types of dimensions "jeopardises the credibility of Indian currency" and asked Prime Minister Narendra Modi to come clear on the issue. In a separate reply, Meghwal said that National Crime Records Bureau data indicates that the incidents of Fake Indian Currency Notes (FICN) have been reported in some parts of the country. However, examination of the specific parameters reveals that the notes are of low quality. "No high quality counterfeit new currency notes have been seized by any agency so far," Meghwal said. Finance Minister Arun Jaitley said the opposition party has been raising "frivolous" issues without giving notices to stall Zero Hour proceedings. Senior Congress leader Kapil Sibal, who raised the issue in the Rajya Sabha earlier in the day, said the party would keep flagging it in Parliament until the government comes out with an explanation. The former Union minister also alleged that the demonetisation move "failed" to achieve its stated objectives of combating black money, corruption, counterfeit currency and terrorism. He asked the government to explain its motive in invalidating the old Rs 1,000 and Rs 500 currency notes. "First they should explain which dye was used (for printing the notes), what types of notes were printed, at which printing press notes of different sizes were printed. "Having different size of currency notes jeopardises the credibility of the currency. The prime minister, finance minister, RBI governor should come to the fore and explain," Kapil Sibal told the press.

Govt dismisses Opposition claim of two sizes of Rs 500 and Rs 2000 notes

Finance Ministry on Wednesday exuded confidence that the supply of new currency notes would considerably improve in next 2-3 weeks even as it asked the RBI and banks to &quot;countercheck&quot; the data regarding the deposit of now-defunct currency notes to ensure there is no double counting.

The RBI has already pumped in Rs 5 lakh crore worth 500 and 2,000 rupee notes and by the month end about 50 per cent of the Rs 15 lakh crore worth demonetised currency would be injected into the system, economic affairs secretary Shaktikanta Das told reporters here.

&quot;Finance Ministry, RBI and enforcement agencies are working in tandem so that situation eases out.&nbsp;Situation has considerably improved. And going forward, I would expect in next 2-3 weeks situation&nbsp;will considerably ease out with the supply of more new 500 rupee notes,&quot; he said, adding that&nbsp;condition would not &quot;worsen&quot; after December 30.

He said the government has stepped up printing of 500 rupee notes and as its circulation increases,&nbsp;people would also take out the 2,000 rupee notes they were hoarding so far.

More than 2 lakh ATMs have already been recalibrated against 2.20 lakh ATMs and it has come to the&nbsp;ministry&#39;s notice that some banks in order to ensure that they are in a position to service their&nbsp;own customers, prefer to give cash through their branches.

&quot;We have advised banks that they should continue to replenish cash in ATMs and not to starve ATMs. We are&nbsp;monitoring it regularly,&quot; Das said.

As per RBI data, over Rs 12.44 lakh crore worth defunct 500 and 1000 rupee notes have been deposited&nbsp;till December 10.

&quot;RBI has given a figure of Rs 12.5 lakh crore which has been received back. There are lot of areas&nbsp;where we feel there could be double counting. So we have identified those areas and we have&nbsp;requested RBI and banks to again double check.

&quot;So a process of correction, checking, counter checking of the figure, due diligence is being done&nbsp;to see there is no double counting of figure.... We think there is scope for double counting and&nbsp;therefore the scope for verification of those figures are going on,&quot; Das said.

He said three times the total number of lower denomination notes -- 100, 50, 20 and 10 -- which RBI&nbsp;supplies in a year has been supplied over the last five weeks.

About Rs 1.60 lakh crore worth 100 rupee notes were in circulation before November 8 and more than&nbsp;Rs 80,000 crore worth of this notes have been supplied to the market over past five weeks.&nbsp;

The DEA Secretary further said that more number of 50, 20 and 10 rupee notes has also been&nbsp;circulated in the system.

&quot;Roughly about almost 50 per cent of the notes which were in circulation would be supplied in the&nbsp;next 10-15 days,&quot; Das said, adding that seized notes are being put back to circulation as soon as&nbsp;possible.

Prime Minister Narendra Modi had on November 8 announced scrapping of old Rs 500 and Rs 1,000 notes,&nbsp;and replaced by new Rs 2,000 and Rs 500 notes. The demonetised notes accounted for 86 per cent of currency in circulation or Rs 15.4 lakh crore.

&quot;More and more production lines have been diverted in printing 500 rupee notes because we have&nbsp;enough number of 2000 rupee notes that have been supplied and there is enough stock available. But&nbsp;now the printing of the 500 rupee notes have been significantly stepped up.

&quot;It has been pushed into the market so that the supply of 2000 rupee notes becomes more mobile. So&nbsp;with increased supply of 500 rupee notes, the 2000 rupee notes which people were hoarding till now&nbsp;will come back to the system,&quot; Das said, adding notes are being airlifted to areas facing shortage. 
 
He further said that the security features and design of the new notes were indigenously developed&nbsp;and hence the possibility of counterfeiting it is far far lower.

Das also promised to sort out issues faced by Nepal and Bhutan due to non-availability of 500 and&nbsp;2,000 rupee notes.

&quot;As far as Nepal is concerned we have already examined the report, so we will be taking some action,&nbsp;whatever action govt will take is under examination.

As far as Bhutan is concerned, the RBI has made necessary arrangements for supply of cash required&nbsp;by Bhutan authorities because Indian rupee is accepted in Bhutan. So the RBI has given necessary&nbsp;instructions to connected banks to give necessary cash required by Royal Monetary Authority of&nbsp;Bhutan,&quot; he said.

Das said the RBI has a particular plan of action with regard to currency supply. &quot;With regard to&nbsp;remonetisation process, it would be as per requirement and also government has given a big push to&nbsp;digital transaction. There is very significant growth of digital transaction and therefore the&nbsp;requirement of cash will be measured and based on requirement the cash will be remonetised.&quot;

He said the CBDT is taking &quot;surgical action&quot; on data provided by the Financial Intelligence Unit&nbsp;(FIU) and the Suspicious Transaction Reports (STRs) filed by banks for detecting illegal&nbsp;accumulation of new currency.

&quot;Further action is being taken by the tax department and it is not an aimless fishing expedition,&quot;&nbsp;Das said.

With regard to the impact of demonetisation on the sowing of the Rabi crop in winter, Das said the total sowing area so far was almost at par with last year and whatever shortfall had happened would be made good in the coming weeks.

(PTI)

More than 2 lakh ATMs have been recalibrated, 2.2 lakh to go

Finance Ministry on Wednesday exuded confidence that the supply of new currency notes would considerably improve in next 2-3 weeks even as it asked the RBI and banks to "countercheck" the data regarding the deposit of now-defunct currency notes to ensure there is no double counting. The RBI has already pumped in Rs 5 lakh crore worth 500 and 2,000 rupee notes and by the month end about 50 per cent of the Rs 15 lakh crore worth demonetised currency would be injected into the system, economic affairs secretary Shaktikanta Das told reporters here. "Finance Ministry, RBI and enforcement agencies are working in tandem so that situation eases out. Situation has considerably improved. And going forward, I would expect in next 2-3 weeks situation will considerably ease out with the supply of more new 500 rupee notes," he said, adding that condition would not "worsen" after December 30. He said the government has stepped up printing of 500 rupee notes and as its circulation increases, people would also take out the 2,000 rupee notes they were hoarding so far. More than 2 lakh ATMs have already been recalibrated against 2.20 lakh ATMs and it has come to the ministry's notice that some banks in order to ensure that they are in a position to service their own customers, prefer to give cash through their branches. "We have advised banks that they should continue to replenish cash in ATMs and not to starve ATMs. We are monitoring it regularly," Das said. As per RBI data, over Rs 12.44 lakh crore worth defunct 500 and 1000 rupee notes have been deposited till December 10. "RBI has given a figure of Rs 12.5 lakh crore which has been received back. There are lot of areas where we feel there could be double counting. So we have identified those areas and we have requested RBI and banks to again double check. "So a process of correction, checking, counter checking of the figure, due diligence is being done to see there is no double counting of figure.... We think there is scope for double counting and therefore the scope for verification of those figures are going on," Das said. He said three times the total number of lower denomination notes -- 100, 50, 20 and 10 -- which RBI supplies in a year has been supplied over the last five weeks. About Rs 1.60 lakh crore worth 100 rupee notes were in circulation before November 8 and more than Rs 80,000 crore worth of this notes have been supplied to the market over past five weeks. The DEA Secretary further said that more number of 50, 20 and 10 rupee notes has also been circulated in the system. "Roughly about almost 50 per cent of the notes which were in circulation would be supplied in the next 10-15 days," Das said, adding that seized notes are being put back to circulation as soon as possible. Prime Minister Narendra Modi had on November 8 announced scrapping of old Rs 500 and Rs 1,000 notes, and replaced by new Rs 2,000 and Rs 500 notes. The demonetised notes accounted for 86 per cent of currency in circulation or Rs 15.4 lakh crore. "More and more production lines have been diverted in printing 500 rupee notes because we have enough number of 2000 rupee notes that have been supplied and there is enough stock available. But now the printing of the 500 rupee notes have been significantly stepped up. "It has been pushed into the market so that the supply of 2000 rupee notes becomes more mobile. So with increased supply of 500 rupee notes, the 2000 rupee notes which people were hoarding till now will come back to the system," Das said, adding notes are being airlifted to areas facing shortage. He further said that the security features and design of the new notes were indigenously developed and hence the possibility of counterfeiting it is far far lower. Das also promised to sort out issues faced by Nepal and Bhutan due to non-availability of 500 and 2,000 rupee notes. "As far as Nepal is concerned we have already examined the report, so we will be taking some action, whatever action govt will take is under examination. As far as Bhutan is concerned, the RBI has made necessary arrangements for supply of cash required by Bhutan authorities because Indian rupee is accepted in Bhutan. So the RBI has given necessary instructions to connected banks to give necessary cash required by Royal Monetary Authority of Bhutan," he said. Das said the RBI has a particular plan of action with regard to currency supply. "With regard to remonetisation process, it would be as per requirement and also government has given a big push to digital transaction. There is very significant growth of digital transaction and therefore the requirement of cash will be measured and based on requirement the cash will be remonetised." He said the CBDT is taking "surgical action" on data provided by the Financial Intelligence Unit (FIU) and the Suspicious Transaction Reports (STRs) filed by banks for detecting illegal accumulation of new currency. "Further action is being taken by the tax department and it is not an aimless fishing expedition," Das said. With regard to the impact of demonetisation on the sowing of the Rabi crop in winter, Das said the total sowing area so far was almost at par with last year and whatever shortfall had happened would be made good in the coming weeks. (PTI)

Demonetisation: Significant number of Rs 500 notes being printed, says Indian government

Both houses of parliament in India were adjourned today following uproar over demonetisation.

Indian Prime Minister Narendra Modi had on November 8 announced the move, withdrawing from circulation Rs 500 and Rs 1,000 currency notes.

The Rajya Sabha on Friday witnessed multiple adjournments during the first-half of the day, with opposition parties protesting against the government&#39;s move.

The opposition also demanded an apology from Prime Minister Modi on the issue, leading to another adjournment of the house.

Minister of state for parliamentary affairs Mukhtar Abbas Naqvi sought an apology from the Congress&#39; Ghulam Nabi Azad for comparing the death of soldiers in the Uri terror attack with those of people standing in queues outside banks and ATMs post demonetisation.

The Rajya Sabha had a day-long debate on the issue on the first day of the on-going winter session of the parliament.

The Lok Sabha has been adjourned till Monday following an uproar between a united opposition and the treasury over the issue.

To try and ease the cash crunch following last week&#39;s decision to demonetise 500- and 1,000-rupee notes, the Indian government said Thursday that select petrol pumps would be allowed to dispense up to Rs 2,000 to customers against their debit or credit cards.

To start with, the facility will be available at 2,500 petrol pumps around the country.

&quot;It has been decided that an amount up to Rs 2,000 per day per person in cash can be dispensed against swiping of debit card from select petrol pumps where Point of Sale (PoS) machines of State Bank of India are already available,&quot; an official told Indian news agency PTI.

The facility will in time be extended to 20,000 petrol pumps.

(WION with inputs from agencies)

Both houses of parliament were adjourned today following uproar over demonetisation

Both houses of parliament in India were adjourned today following uproar over demonetisation. Indian Prime Minister Narendra Modi had on November 8 announced the move, withdrawing from circulation Rs 500 and Rs 1,000 currency notes. The Rajya Sabha on Friday witnessed multiple adjournments during the first-half of the day, with opposition parties protesting against the government's move. The opposition also demanded an apology from Prime Minister Modi on the issue, leading to another adjournment of the house. Minister of state for parliamentary affairs Mukhtar Abbas Naqvi sought an apology from the Congress' Ghulam Nabi Azad for comparing the death of soldiers in the Uri terror attack with those of people standing in queues outside banks and ATMs post demonetisation. The Rajya Sabha had a day-long debate on the issue on the first day of the on-going winter session of the parliament. The Lok Sabha has been adjourned till Monday following an uproar between a united opposition and the treasury over the issue. To try and ease the cash crunch following last week's decision to demonetise 500- and 1,000-rupee notes, the Indian government said Thursday that select petrol pumps would be allowed to dispense up to Rs 2,000 to customers against their debit or credit cards. To start with, the facility will be available at 2,500 petrol pumps around the country. "It has been decided that an amount up to Rs 2,000 per day per person in cash can be dispensed against swiping of debit card from select petrol pumps where Point of Sale (PoS) machines of State Bank of India are already available," an official told Indian news agency PTI. The facility will in time be extended to 20,000 petrol pumps. (WION with inputs from agencies)

Demonetisation: Opposition demands PM's apology in Parliament, petrol stations to disburse Rs 2000 against each bank card

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