The government on Friday announced it is not planning to release Rs 5,000 and Rs 10,000 banknotes in the near future. In a written reply by Minister of State for Finance Arjun Ram Meghwal to the Lok Sabha, he said that the matter was examined in consultation with the central bank and it has not been found suitable to introduce Rs 5,000 and Rs 10,000 note. When asked if the government plans to introduce Rs 5,000 and Rs 10,000 denomination notes to minimise the expenditure on printing of notes in future, the minister said no.
The government had introduced Rs 500 and Rs 2,000 note following the demonetisation move last year in November. Meanwhile, Economic Affairs Secretary Shaktikanta Das had only last month reiterated that the government has no plans to re-introduce Rs 1,000 notes. The government’s move was clearly aimed at banishing the menace of black money and corruption from the system. After the demonetisation move was put in place, people across the country faced huge problems owing to a severe cash crunch in the economy. Serpentine queues outside banks and ATMs were a usual feature across India, with rural areas suffering the most. The opposition parties took this opportunity to slam the Modi-led BJP government at the Centre for its ‘miscalculated decision’.