Rs 2,000 notes not being phased out: Nirmala Sitharaman
By MYBRANDBOOK
Finance minister Nirmala Sitharaman on Thursday put all the speculation to rest, by declaring that Rs. 2000 currency notes are not being phased out. She said that those notes are here to stay and that the banks have not been given any instructions either to withdraw or recalibrate their ATM’s to phase out such high denomination notes gradually.
The Reserve Bank of India (RBI) in an RTI response last year had said that the central bank had stopped printing Rs 2,000 denomination currency notes.
Although there has been no dictate from the Finance Ministry, banks on their own have decided to fill their ATMs with smaller denomination notes for the convenience of customers, sources said.
Some banks have already started recalibration of their ATMs and other banks will also follow suit, sources said.
State-owned Indian Bank has already announced that it has decided to stop using Rs 2,000 notes in their ATMs.
When asked if the Finance Ministry has asked banks not to push Rs 2,000 notes through ATMs, Union minister Nirmala Sitharaman said the ministry has not issued any instructions to banks in this regard.
"As far as I know, no such instruction has been given," the finance minister said on the sidelines of an event.
Getting change for Rs 2,000 note has become an issue and due to that some banks have stopped using Rs 2,000 notes in their ATMs, sources said.
Replying to a question in Parliament, Minister of State for Finance Anurag Singh Thakur in December said there is no proposal to withdraw Rs 2,000 denomination notes.
"This is the real worry (about demonetisation) which has surfaced now. I think that you should not worry about it," Thakur told the Rajya Sabha while replying to a question whether the government was planning to withdraw Rs 2,000 notes in future.
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