Large Denomination Currency Not Being Withdrawn: RBI Governor
BENAULIM: RBI Governor Raghuram Rajan ruled out pulling out of large denomination currency notes from circulation, even as his deputy said that ensuring the right denomination mix is a constant dilemma.
Top Reserve Bank of India officials, who were speaking to reporters after a meeting of the Bank's central board in a coastal resort 50 kms from Panaji, also said that a fresh tamper proof series of currency notes were being worked on and could be issued soon.
Earlier, while responding to a media query as to whether large denomination currency bills, which critics have claimed could be used to store black money with relative ease, would be withdrawn from circulation by the RBI, Rajan said: "Your question was whether the current high denomination notes will be pulled out of circulation at any point. No. There is no discussion of that at this point".
Elaborating further, RBI's Deputy Governor R. Gandhi said that denomination mix was always under "constant review" and the process was plagued by dilemma.
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