NEW DELHI: The RBI announced the removal of Rs.2,000 notes from circulation in mid-May this year. The last date to submit Rs.2,000 currency notes in the bank is September.
During the ongoing monsoon session, the Finance Ministry faced inquiries about the possibility of demonetizing Rs.500 notes and reintroducing the Rs.1,000 notes into our economic landscape. However, the Finance Ministry quashed any speculations surrounding the demonetization of the highest denomination of currency notes, the Rs.500 notes, in existence within our economy.
When questioned about the re-entry of the Rs.1,000 currency notes, the ministry responded, "RBI, in its decision, executed the withdrawal as a currency management maneuver, aiming to steer clear of any public inconvenience or economic disruption. Rest assured, the withdrawal of Rs.2,000 banknotes has been carefully accounted for in this year's requirements, and ample buffer stock of banknotes of various denominations is diligently maintained across the nation to cater to all exchange and withdrawal needs."
The answer states that it became evident that following the withdrawal of Rs.2,000 currency notes, our country is well-prepared with an abundant buffer stock of banknotes across diverse denominations. This unequivocally puts to rest any plans of reintroducing Rs.1,000 notes into our economy.