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A committee member noted that while many fake Rs 500 notes had been recently seized, the proportion remains small compared to the total in circulation
The RBI Governor reassured lawmakers that the economy remains robust and is performing well despite global challenges. Representational image
Reserve Bank of India Governor Sanjay Malhotra provided a detailed briefing on Thursday to the Parliamentary Standing Committee on Finance, outlining the performance of the Indian economy and financial system. He reassured lawmakers that the economy remains robust and is performing well despite global challenges.
Committee Chairman Bhartruhari Mahtab described the discussion as “very meaningful”, with a broad range of topics covered.
A significant focus was the status of the Rs 2,000 currency notes. Malhotra clarified that although these notes are no longer in circulation, they are still considered legal tender and have not been invalidated by the RBI.
The issue of counterfeit currency was also raised, with a committee member noting that while many fake Rs 500 notes had been recently seized, the proportion remains small compared to the total in circulation. Malhotra acknowledged the concern and affirmed that both the RBI and the government are committed to preventing such activities and are actively implementing measures to curb counterfeit money.
Additionally, MPs inquired about the regulation and status of cryptocurrency in India. The meeting concluded with an agreement for Malhotra to reconvene with the panel on July 23 or 24 to specifically review the Insolvency and Bankruptcy Code (IBC).
(With agency inputs)
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The News Desk is a team of passionate editors and writers who break and analyse the most important events unfolding in India and abroad. From live updates to exclusive reports to in-depth explainers, the Desk d… Read More
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