Rs 2,000 Notes Not Being Called Off, Says Sitharaman As Sensex Plunges 1,000 Points

Resting the speculations about Rs 2,000 note being called off, Finance Minister Nirmala Sitharaman has said that no such order has been issued at least as of now. This comes days after several reports claimed that the government has instructed the banks to either withdraw or recalibrate their ATMs to phase out Rs 2,000 notes.

Source – Money Control

“The banks have not been given any such instructions as far as Rs 2,000 notes are concerned,” said Sitharaman while addressing the media. The minister was present in Guwahati where she was interacting with economists, industrialists, and leaders discussing the budget presented on Feburary 1.

Source – Livemint

Meanwhile, Rs 2,000 note notably has become fraudsters-favourite when it comes to holding black money in the form of cash. Last year Sitharaman told the parliament that as much as 43% of unaccounted cash seized ever since the demonetisation in 2016 was in the form of 2,000 domination.

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Violence And Business

Talking about anti-CAA protests and Delhi violence and its effect on investment in India, Sithraman said that such incidents haven’t dampened investors hope to invest in India and earn profit out of the same.

delhi violence CBSE exams

“The sentiments of foreign investors have not been dampened,” she said adding that she, in her recent visit to Saudi, has met investors willing to invest more in the country.

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She added that Coronavirus, however, poses a major threat as of now pulling investors away from investing in the unpredictable markets across the globe. Her fear came true as on Friday morning Nifty slashed 1,083 points whipping away over 4 lakh crores from the markets in a mere five minutes.

Source – Money Control

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The fall in both Sensex and Nifty was a result of Coronavirus spreading to countries like Iran, Pakistan, and even the western countries. The death toll due to Coronavirus currently stands at 2,700 worldwide.

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