You are here: Home » Economy & Policy » News
Business Standard

Govt, RBI examined viability of introducing Rs 5,000 and Rs 10,000 notes

Plan has not been found suitable, MoS Finance Arjun Ram Meghwal told Lok Sabha in a written reply


Press Trust of India  |  New Delhi 

Finance Minister Arun Jaitley with MoS Finance Arjun Ram Meghwal and Santosh Gangwar at Parliament House in New Delhi. Photo: PTI
Finance Minister Arun Jaitley with MoS Finance Arjun Ram Meghwal and Santosh Gangwar at Parliament House in New Delhi. Photo: PTI

The government on Friday said it had no plans to come out with Rs 5,000 and Rs 10,000 banknotes.

"The matter was examined in consultation with the Reserve Bank of India and it has not been found suitable to introduce of Rs 5,000 and Rs 10,000 note," Minister of State for Finance Arjun Ram Meghwal said in a written reply to the Lok Sabha.

He replied in negative when asked whether the government proposes to introduce Rs 5,000/10,000 denomination notes with a view to reduce the expenditure on printing of notes in future.

The government had recently introduced Rs 2,000 note along with a new Rs 500 note following the which scrapped 86 per cent of the currency in circulation on November 8, 2016.

Economic Affairs Secretary Shaktikanta Das had in February said the government has no plans to re-introduce Rs 1,000 notes.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Fri, March 24 2017. 17:12 IST