: ‘No decision made to discontinue printing of Rs 2,000 banknotes’ #FinanceIndia #StockMarketNEWS #Business New Delhi: The government on Monday said no decision has been taken to discontinue printing

@StockMarketNEWS Wed 18 Mar, 2020

Posted in: #Business #FinanceIndia #StockMarketNEWS

‘No decision made to discontinue printing of Rs 2,000 banknotes’ #FinanceIndia #StockMarketNEWS #Business
New Delhi: The government on Monday said no decision has been taken to discontinue printing of Rs 2,000 banknotes, and state-owned SBI and Indian Bank are reconfiguring ATMs for Rs 500 and Rs 200 notes.



“No indent was placed with the presses for printing of Rs
2,000 denomination notes for 2019-20. However, there is no decision to
discontinue the printing of Rs 2,000 banknotes,� Minister of State for Finance
Anurag Singh Thakur said in a written reply in Lok Sabha.



The minister was replying to a question whether the
government has stopped printing of new Rs 2,000 currency notes and if the
public-sector banks have issued any circular to stop circulation of Rs 2,000
notes through ATMs.



“In view of the higher circulation of currency notes of
Rs 500 and Rs 200 denominations and inconvenience faced by the customers in
exchanging Rs 2,000 currency notes, two of the public-sector banks namely State
Bank of India and Indian Bank have been issued instructions to field
functionaries to reconfigure the ATMs for currency notes of Rs 500 and Rs 200
denominations,� Thakur said.



He said printing of banknotes of particular denomination
is decided by the government in consultation with the Reserve Bank of India
(RBI) to maintain desired denomination mix for facilitating demand of public.



Banknotes of Rs 2,000 denomination worth Rs 7.40 lakh
crore have been printed and supplied so far, he said. The total face value of
banknotes of Rs 2,000 denomination in circulation and in currency chests was Rs
5.49 lakh crore and Rs 0.93 lakh crore, respectively.



Detailing about the denomination of lower-value
currencies in circulation as on March 5, he stated that there are 19,624.77
million pieces of Rs 100 notes valued at Rs 1.96 lakh crore; 8,556.84 million
for Rs 50 notes valued at Rs 42,784.20 crore; Rs 20 and Rs 10 denomination
notes were valued at Rs 16,619.60 crore and Rs 30,510.79 crore, respectively.



“The quantum of banknotes that needs to be printed
broadly depends on the requirement for meeting the demand for banknotes due to
inflation, GDP (gross domestic product) growth, replacement of soiled banknotes
and reserve stock requirement,� Thakur said.



As on March 5, 67,002.24 million pieces of banknotes of
10, 20, 20 and 100 rupees denominations and 5,005.98 million pieces of coins of
10 rupee denomination were in circulation, the minister added.



“Printing of banknotes of particular denomination is
decided by the government in consultation with the RBI to maintain desired
denomination mix for facilitating transactional demand for public,� he added.
The post ‘No decision made to discontinue printing of Rs 2,000 banknotes’ appeared first on The Navhind Times.

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