Demonetisation: After removing Rs 2000 from legal tender, is the government going to discontinue Rs 500 note? The government has given an answer on this matter.
2000 Rupees Demonetisation: On May 19, 2023, the Reserve Bank of India (RBI) informed about the withdrawal of Rs 2000 notes from circulation. Although the bank had told these notes to remain legal tender till September. In such a situation, the last date for depositing Rs 2,000 notes in the bank is coming closer. Ever since the Rs 2000 note is out of legal tender, many doubts are being expressed about the Rs 500 note.
Is the government taking back the Rs 500 note?
The question was asked to the Finance Ministry on the news of the closure of Rs 500 in the monsoon session of Parliament. Along with this, a question was also asked about re-introduction of Rs 1,000 notes. Responding to this question, Minister of State for Finance Pankaj Chowdhary denied all those reports claiming that the government is going to discontinue the Rs 500 note and reintroduce the Rs 1,000 note.
Describing all these news as wrong, he has said that the government has no such plan. Giving a written reply on this matter, the Minister of State for Finance has informed that the government has removed Rs 2,000 notes from the market in a phased manner. Along with this, the government has kept a sufficient buffer stock of Rs 500 notes instead.
Deadline ending in September
In May 2023, the Finance Ministry had made it clear that the last date for exchange of Rs 2,000 notes would not be extended. In such a situation, this deadline is ending on 30 September 2023. This note is 2.51 percent of the total notes. According to RBI data, the total value of Rs 2,000 notes till June 2023 is Rs 0.84 lakh crore. Whereas in May 2023, the total value of Rs 2,000 notes is 3.56 lakh crores. In such a situation, if you have 2,000 notes, then return it to the bank as soon as possible.
