The total value of Rs 2,000 notes in circulation declined to 3.56 trillion rupees as of 19th May from 3.62 trillion rupees as on 31st March, the central bank said in a statement.
According to the former CEO Krishnamurthy Subramanian, the 2000 notes are not in use in the everyday life of the common people and its cash in circulation is only 10 per cent.
The decision is reminiscent of a shock move in 2016 when the Narenda Modi-led government had withdrawn 86% of the economy's currency in circulation overnight.
While Rajya Sabha MP Sushil Modi urged central government to discontinue ₹2000 notes, fellow BJP MP Nishikant Dubey defended demonetisation in Lower House.
In value terms, the Rs 2000 denomination notes dipped from 22.6% of the total value of currency notes to 17.3% at the end of March 2021 and further to 13.8% at the end of March 2022.
The reach and impact of influencers are so significant that even politicians such as Prime Minister Narendra Modi have recognised their value—the National Creators Award is proof.
Economists say there are weaknesses in India’s GDP data. But statisticians claim the accusations are based on flawed understanding, saying while GDP has problems, the economists are looking in the wrong places.
Both the governments expressed their commitment to strengthening their maritime cooperation to strengthen the maritime safety and security framework in the region.
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