RBI outlook to Parliament panel: Governor Sanjay Malhotra says economy strong; Rs 2,000 notes still legal but out of circulation
According to panel Chairman and BJP MP Bhartruhari Mahtab, 'He gave us a wide range of information related to the economic situation and the financial system of our country. Members also had questions, and I believe most of them were quite convincing.'
During the meeting, several members sought clarity on the status of Rs 2,000 currency notes. In response, the RBI Governor stated that the notes are no longer in circulation but continue to remain legal tender, ANI reported.
The RBI has not declared them invalid yet, sources present at the meeting said.
The issue of counterfeit notes also came up. A member pointed out that around 1.12 lakh fake Rs 500 notes were seized recently, which is a very small proportion of the total six crore notes in circulation.
The governor acknowledged the concern and said that both the RBI and the government were 'fully committed to preventing such activities and are consistently taking measures' to curb the circulation of counterfeit currency.
by Taboola
by Taboola
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The panel also discussed cryptocurrency regulations. While specific details of the RBI's response were not disclosed, multiple MPs reportedly raised questions on the matter.
The next meeting with the RBI Governor is likely to be scheduled for July 23 or 24 and will focus on the Insolvency and Bankruptcy Code (IBC), Mahtab added.
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