New Delhi: The authorities has cleared suspense overprinting of Rs 2,000 foreign money notes, stating that the very best denomination foreign money observe has not been printed in the last two years even. In a written reply to the Lok Sabha, Minister of State for Finance Anurag Singh Thakur mentioned 3,362 million foreign money notes of Rs 2000 denomination have been in circulation on March 30, 2018, constituting 3.27 per cent and 37.26 per cent of the foreign money in phrases of quantity and commerce respectively.
As of February 26, 2021, 2,499 million items of Rs 2,000 notes have been in circulation, constituting 2.01 per cent and 17.78 per cent of banknotes in phrases of quantity and worth, respectively.
Thakur mentioned, “Printing of banknotes of a particular denomination is decided by the government in consultation with RBI to maintain desired denomination mix for facilitating transactional demand of the public,” including “During the years 2019-20 and 2020-21, no indent has been placed with the presses for printing of Rs 2000 denomination banknotes.”
Earlier in 2019, the Reserve Bank of India (RBI) had acknowledged that 3,542.991 million notes of Rs 2,000 have been printed throughout the monetary 12 months 2016-17 (April 2016 to March 2017), however in 2017-18, solely 111.507 million notes have been printed, which additional diminished to 46.690 million notes in the 12 months 2018-19. It additionally added that no new Rs 2,000 foreign money notes have been printed since April 2019.
The transfer is seen as an try to forestall hoarding of the high-value foreign money and thus, curb black cash.
Notably, Rs 2,000 notes have been launched in November 2016, quickly after the federal government withdrew Rs 500 and Rs 1,000 notes in an try and curb black cash and pretend currencies.
While a brand new Rs 500 observe was printed, Rs 1,000 foreign money notes have been discontinued. Instead, Rs 2,000 observe was launched. Besides Rs 2000, the opposite foreign money notes in circulation are of the denomination Rs 10, Rs 20, Rs 50 and Rs 100.
On rising costs of petrol and diesel, MOS for Finance Anurag Thakur on Monday mentioned that each the Centre and the states want to consider lowering taxes on these merchandise.
Replying to a query in Lok Sabha, Thakur additionally mentioned that the federal government was prepared to debate the problem of bringing petroleum merchandise below the ambit of Goods and Services Tax (GST). He mentioned, “The Centre is ready to consider the idea of reducing the tax on petrol and diesel, the states should also consider it.”
The minister mentioned, “The state governments should reduce taxes on petrol, we (the Centre) will also try to reduce tax on petrol,” including “Both the Centre and the states need to think about it (reducing taxes on petrol).”
Thakur additionally identified that in March 2020, the value of crude oil was round USD 19 per barrel, however the value of crude oil is now round USD 65 per barrel.
On why the federal government was not bringing petroleum merchandise below GST as promised by the then Finance Minister Arun Jaitley, Thakur mentioned no state has to this point given a proposal for a similar.
(With Agency Inputs)
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