Hyderabad News

Will Rs 2000 currency note be scrapped?

Will Rs 2000 currency note be scrapped?

Hyderabad: Narendra Modi government had created financial crisis across the country by putting a ban on Rs. 500 and 1000 notes in November last year. Later new notes of the denomination of Rs 2000 and Rs. 500 were issued. Now it is anticipated that the new Rs 2000 note will also be scrapped.

“There is no proposal under consideration of the government to stop Rs 2,000 note,” Minister of State for Finance P Radhakrishnan said in a written reply in the Lok Sabha to a question whether the finance ministry has any plan to stop the note in near future.

Though the government has categorically said that there was no proposal to discontinue Rs 2,000 currency note, which was introduced post demonetization in November 2016, but financial analysts have expressed fears that the government can take demonetization decision any time.

The government also informed the Lok Sabha that it had decided to conduct field trials of plastic currency notes of Rs 10 in five cities. The trial would be conducted in Kochi, Mysore, Jaipur, Shimla and Bhubaneshwar.