85 breached
The Indian rupee has breached the significant psychological barrier of 85 against the US dollar, marking an all-time low amid a confluence of domestic and global pressures.
Union Finance Minister Arun Jaitley on Friday said that there is no proposal to withdraw new Rs.2,000 notes from the system.
"There is no proposal to withdraw the Rs.2,000 denomination banknote," Jaitley said in a written reply the Lok Sabha, adding, “Rs.500 and Rs.1,000 notes returned to currency chests of the RBI amounted to Rs.12.44 lakh crore (as on December 10, 2016)”.
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March 3, 2017 the currency in circulation was Rs.12 lakh crore. It was Rs.9.921 lakh crore, Jatiley informed the lower house of Parliament.
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The finance minister said the demonetisation move will help in developing a transparent economy and support the banking sector.
"This exercise has resulted in an increase in deposits with banks. This will facilitate reduction of interest rates and provide more headroom to banks to expand their credit base," Jaitley said.
The government on November 8, 2016 announced demonetisation of Rs.500 and Rs.2,000 notes.
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