Government on 500 Rupee Notes: For quite some time, there has been a lot of discussion about the ban on 500 notes, which is creating many lot of confusion among the people. It is being claimed in media reports that 500 notes will stop coming out of ATMs. Not only this, 500 notes will come out of ATMs only till September 30. But is this the truth?
During the monsoon session, the government has said a big thing about the 500 note in Parliament. The government said in Parliament that keeping in mind the transaction needs of the public, the RBI will ensure that the number of notes of all denominations remains balanced. You can know the important things related to this in the news below.
RBI gave instructions to banks
The aim of the RBI is that small-value notes can easily reach the people. RBI has instructed all banks and white label ATM operators to ensure that the number of 100 and 200 rupee notes is up to 75 per cent by 30 September 2025. Along with this, increase their number to 90 per cent by 31 March 2026.
On the other hand, the aim of the RBI is not to ban the 500-rupee note. Rather, it is to increase the availability of low-denomination notes. Responding to a question, the Uttar Pradesh government clarified the situation that there is no basis for the concerns about 500-rupee notes and their withdrawal from ATMs.
Know why a big step was taken?
On August 5, during the monsoon session in the Rajya Sabha, members Y. Venkat Subba Reddy and Milind Deora raised this question. Even before this, the RBI had given instructions to the banks that they had to ensure the availability of low-denomination notes in ATMs.
This should not cause any problem to the general public in everyday transactions. Whenever the public faces problems in financial matters, from time to time, the work of giving instructions to the banks is done by the RBI. Along with this, many times due to reports, people get suspicious about this. At the same time, is the government discontinuing the high-value notes?