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The Reserve Bank of India (RBI) does not have a plan to reintroduce Rs 1,000 bank notes to ease the impact following the withdrawal of Rs 2,000 notes, RBI governor Shaktikanta Das said today, calling reports on the subject "speculative".
While there is one-time limit of Rs 20,000 and no overall limit on cash deposits in bank accounts, tax experts emphasise the importance of being aware of reporting requirements and the potential scrutiny from the income tax department.
"In first phase of demonetisation, business was ruined on a large scale and same will happen this time."
In theory, the move may appear as a small “RBI monetary policy measure”. But in a ‘jobless-poor investment’ growth trajectory, how does the timing appeal to sound economic policy or thinking?
Rs 2000 Note Ban, RBI withdraws Rs 2,000 note LIVE Updates: The Reserve Bank of India (RBI) on Friday said that it will withdraw the Rs 2,000 denomination banknote from circulation but it will continue as legal tender. In a statement, the RBI said: "The 2,000 denomination banknote was introduced in November 2016 primarily to meet the currency requirements of the economy in an expeditious manner after the withdrawal of legal tender status of all 500 and 1,000 banknotes in circulation at that time." It also said that all banks shall provide deposit and/or exchange facility for 2,000 ba...