New Delhi: On the last day of the winter session, the central government said in the Rajya Sabha that the government has no plans for demonetization as of now. This has been said in response to a question asked by Congress MP Rajeev Shukla. The government has told the Upper House that it has no plans for another demonetisation if there is a surge in cash in the country's economy.

Responding to a question by Congress Rajya Sabha member Rajeev Shukla, the Finance Ministry said the government is working towards a less-cash economy and strengthening the mechanism for digital payments. Minister of State for Finance, Pankaj Chowdhary said, 'Need to meet the demand for banknotes due to inflation, GDP growth, replacement of torn banknotes, the requirement of reserve stock, increase in the mode of payment, etc. The quantity of bank notes depends.'

Pankaj Chowdhary said that the government, in consultation with the Reserve Bank of India (RBI), decides the quantity and value of notes to be printed every year. However, he denied that demonetization was done to reduce cash flow. He cited the government circular for this, in which three more reasons have been given.

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