Finance Minister Arun Jaitley on Wednesday said the government is not considering banning Rs. 2,000 notes and the Reserve Bank of India will decide on the timing of issuing the new Rs. 200 bill.
The government has given the go-ahead to the RBI to issue Rs. 200 notes a move that is aimed at easing the pressure on the lower-denomination currency. "The whole process regarding by when the notes will be printed, RBI will take care of that issue. Thus, it would be appropriate for the RBI to announce about dates and related matters to the note printing," Mr. Jaitley told reporters here.
Asked whether the government is considering to phase out Rs. 2,000 notes, he said: "No, there was no such discussion."
Following the demonetization of old Rs. 500 and Rs. 1,000 notes on November 9 last year, the RBI had introduced Rs. 2,000 notes and new Rs. 500 notes with additional security features.