Parliament Session: After demonetization, between 2016-17 to 2018-19, RBI had supplied Rs 2000 notes equivalent to the value of Rs 7.40 lakh crore.
2000 Rupee Notes: Banking sector regulator Reserve Bank of India suddenly announced on May 19, 2023 that it is going to withdraw Rs 2,000 notes from circulation. Just 7 years ago, on 8 November 2016, Rs 2,000 notes were launched after Prime Minister Narendra Modi announced demonetization of old Rs 500 and Rs 1,000 notes.
To inject cash into the banking system, RBI hastily introduced Rs 2000 notes into the banking system. But do you know how much money was spent on printing Rs 2000 notes? The government has disclosed this in the Parliament. The government has informed the Parliament that according to RBI, a total of Rs 17,688 crore has been spent on printing Rs 2,000 notes.
Rs 17,688 crore spent on printing Rs 2000 note
When the Finance Minister was asked this question in the Lok Sabha on the first day of the winter session of the Parliament, how much money has the government spent so far on the printing of Rs 2000 notes? In a written reply to this question, Minister of State for Finance Pankaj Chaudhary said that according to RBI, a total of Rs 17,688 crore has been spent on printing of Rs 2000 notes.
the shelf life was about to expire
When Congress Lok Sabha MP Manish Tewari questioned the RBI and the government about the reasons for withdrawing Rs 2000 notes, in a written reply to this question, the Minister of State for Finance said that on May 19, 2023, RBI will take into consideration its clean note policy. Keeping this in mind, under currency management operation, it was announced to withdraw Rs 2000 note on May 19, 2023.
He said that more than 89 percent of the Rs 2000 notes were issued before March 2017 and the shelf life of these notes of 4 to 5 years is about to end. Pankaj Chaudhary said that sufficient number of bank notes of other denominations are present in stock to meet the demand of the common people.
Noted supply of Rs 7.40 lakh crore
The Minister of State for Finance said that between 2016-17 to 2018-19, RBI has supplied Rs 2000 notes equivalent to the value of Rs 7.40 lakh crore. When RBI announced to withdraw Rs 2000 notes from the banking system on May 19, 2023, notes worth Rs 3.56 lakh crore were present in the banking system.
Till November 30, out of this, notes worth Rs 3.46 lakh crore have been returned and notes worth Rs 9760 crore are still left in circulation which are yet to be returned to the banking system.
