The Chief Minister proposed eliminating Rs 500 currency to accelerate digital adoption and minimize illicit financial activities. Concurrently, the Reserve Bank of India has maintained its existing currency framework, offering no new exchange facilities for the notes demonetised in 2016 while keeping withdrawn Rs 2,000 bills as legal tender. Additionally, monetary authorities are conducting field trials for Rs 10 and Rs 20 polymer notes to extend banknote durability alongside regular paper bills.
Key points
High-value currency restrictions are being pitched as an effective mechanism to eliminate…: High-value currency restrictions are being pitched as an effective mechanism to eliminate corruption and advance a digital economy.
The central government has confirmed that there is no plan to completely replace current…: The central government has confirmed that there is no plan to completely replace current paper currency with plastic notes.
Authorities have announced no plans to reopen currency exchange windows for the denominat…: Authorities have announced no plans to reopen currency exchange windows for the denominations originally demonetised back in 2016.
Sources checked by our analysis pipeline: 1
“I will keep speaking on this. The notes of Rs 500 should be scrapped. Only notes of Rs 100 and Rs 200 should be retained,” Naidu said.
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Addressing a press conference, he said curbing high-value cash and promoting digital transactions can help tackle corruption.
“If technology is perfect, wealth creation and poverty alleviation are not difficult,” he said.
Is there any proposal to withdraw Rs 500, Rs 1,000 notes?
The government announced demonetisation on November 8, 2016, withdrawing the legal tender status of all existing Rs 500 and Rs 1,000 notes from the Mahatma Gandhi series. The move was aimed at curbing black money and counterfeit currency. The old notes were later replaced with new Rs 500 and Rs 2,000 notes under the Mahatma Gandhi (New) Series.However, Rs 2,000 notes continue to remain legal tender, even though the Reserve Bank of India (RBI) withdrew them from circulation under its…
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