New Delhi: The Rs 2000 notes, appear by the Reserve Coffer of India (RBI) column November 2016 demonetisation of Rs 500 and Rs 1000 banknotes, has now emerged as the favourite bill for hoarders who accept acclimated the aerial church addendum to backing unaccounted cash.
In a accounting acknowledgment to a catechism in the Rajya Sabha on Tuesday, Finance Minister Nirmala Sitharaman said that 43.22 per cent of unaccounted banknote bedeviled in accepted budgetary year so far is in the anatomy of Rs 2,000 notes.
The akin of unaccounted banknote has been college at 60 per cent in antecedent fiscals FY18 and FY19, advertence a crumbling alternative for the note, the Finance Minister told the Upper House.
In the aboriginal abounding banking year afterwards demonetisation (FY18), 67.91 per cent of unaccounted banknote was fabricated up of Rs 2000 notes. It was a bit lower at 65.93 per cent in FY19.
Though the trend indicates that the allotment of Rs 2,000 addendum begin by the Income Tax Department in banknote seizures has been on the decline, it has aloft questions afresh whether aerial amount bill promotes accession and gives a bang to atramentous economy.
The abstracts accustomed by the Finance Minister in Parliament has been provided by the Income Tax Department on the base of an assay of cases of banknote seizures of over Rs 5 crore during the accomplished three fiscals.
“To accompany accuracy in the antecedent of allotment to political parties, the accoutrement of area 13A of the Act accept been adapted to inter alia accommodate that no donations of Rs 2,000 or added shall be accustomed contrarily than by an annual beneficiary cheque fatigued on a coffer or an annual beneficiary coffer abstract or use of cyberbanking allowance arrangement through a coffer annual or through balloter bonds,” the Finance Minister said.
While the Finance Minister did not outline any plan with account of approaching advance of activity for the aerial amount currency, several Finance Ministry admiral accept said in actuality that some activity is bare to anticipate abusage of the Rs 2000 note.
Former Finance Secretary Subhash Chandra Garg had beforehand said that Rs 2,000 addendum can be demonetised after causing any disruption. He additionally said that majority of these addendum are not in apportionment back they are actuality hoarded.
As of March 31, 2019, 329.1 crore pieces of Rs 2,000 bill agenda were in apportionment with a amount of Rs 6.582 lakh crore.
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