No plans to introduce 5,000 and 10,000 rupee notes, Meghwal says | business-news | Hindustan Times
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No plans to introduce 5,000 and 10,000 rupee notes, Meghwal says

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.

business Updated: Mar 26, 2017 21:01 IST
Arjun Ram Meghwal

Minister of State for Finance Arjun Ram Meghwal.(HT photo)

The government today said it has 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 or Rs 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 demonetisation which scrapped 86 per cent of the currency in circulation on November 8.

Economic Affairs Secretary Shaktikanta Das had last month said that the government has no plans to re-introduce 1,000 rupee notes.