Govt to probe suspected hoarding of Rs 2,000 notes, cash withdrawal spike

The ministry held meetings with top officials of all banks through video conferencing on Tuesday and Wednesday and directed them to fill up ATMs expeditiously

The government has launched a probe into suspected hoarding of Rs 2,000 notes and a spike in cash withdrawals over the last fortnight.

“The Department of Revenue will establish the reason for possible hoarding of Rs 2,000 notes. There has also been a sudden increase in cash withdrawals, especially in the last 15 days, which will also be looked into,” a senior finance ministry official said on Wednesday, on condition of anonymity.
 

Economic Affairs Secretary Subhash Chandra Garg had said on Tuesday the government had observed a trend that Rs 2,000 notes were not returning to the banking system. “You