BJP Member of Parliament Sushil Modi brought up the problem of a shortage of Rs. 2000 notes in the country and made the accusation that the notes were being hoarded as a kind of illegal money. He urged that the Center provide further explanation on the situation.
According to Sushil Modi, eliminating this denomination of currency would be an effective way to combat the problem of black money.
Nirmala Sitharaman, India’s Minister of Finance, stated back in February that the banks had not been given any directives to suspend the issuance of Rs 2,000 currency notes, despite rumours to the contrary.
During a meeting with the heads of PSU banks, she made the following statement: “As far as I know, no such direction has been given to the banks (on discontinuing the issue of Rs 2000 notes).”
The comments made by the Minister come after it was reported that ATMs would be recalibrated in order to phase out Rs. 2000 notes and that the largest currency denomination would remain legal tender, but would be gradually phased out of public circulation. Both of these rumours have been confirmed by the Minister.
IANS is cited as the source.
