‘No plan to extend’: Deadline to exchange ₹2,000 notes on Sept 30, says FinMin

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The finance ministry on Monday mentioned there isn’t any proposal to increase the deadline for the alternate of 2,000 notes past September 30, 2023.

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A girl holds 2000 notes as she exchanges demonetised notes at a financial institution in Chennai.(AFP File Picture)

In a written reply within the Lok Sabha, Minister of State for Finance Pankaj Chaudhary replied in damaging to a query about whether or not there’s a proposal to increase the deadline for the alternate of 2000 in banks past September 30.

“At current, this matter isn’t into account,” the minister mentioned.

Chaudhary additionally replied in damaging to a different query about whether or not the federal government is planning to demonetise different high-denomination forex notes to remove black cash.

The Reserve Financial institution, in a shock transfer, on Could 19 introduced withdrawal of 2,000 notes from circulation however gave public time until September 30 to both deposit such notes in accounts or alternate them at banks.

In response to the RBI, as a lot as 76 per cent of the 2,000 forex notes in circulation have both been deposited or exchanged at banks.

In worth phrases, 2,000 notes in circulation have come right down to 84,000 crore as on June 30 from 3.56 lakh crore on the day of the announcement of withdrawal on Could 19.

RBI mentioned 87 per cent of the notes returned have been deposited in financial institution accounts by public whereas the remaining 13 per cent have been exchanged by them in different denominations.

The minister additional mentioned that in keeping with RBI, the withdrawal was a forex administration operation deliberate to keep away from any inconvenience to public or any disruption within the economic system.

Additional, withdrawal of 2000 banknotes has been factored in, within the present 12 months’s requirement and adequate buffer inventory of banknotes in different denominations is being maintained throughout the nation to fulfill alternate / withdrawal necessities.

The 2,000 denomination banknotes have been launched on November 10, 2016 to expeditiously meet the forex requirement of the economic system publish demonetisation of all 500 and 1,000 banknotes in circulation at the moment.

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