Decline In 2000 Rs Notes Seized In Income Tax Raids

Wed Nov 20 2019 18:09:09 GMT+0530 (IST)

The Rs 2000 notes were introduced in November 2016, soon after the Government decided to withdraw Rs 500 and Rs 1,000 notes in an attempt to stop black money and fake currencies. Government data has revealed that the share of Rs 2,000 notes in illicit cash seized by the income tax department has declined from almost 68 per cent in the fiscal year 2017-18 to around 43 per cent so far this year.

According to the RBI report, the share of Rs 2,000 notes in value term was 50.2 per cent in 2016/17, which later fell to 31.2 per cent in 2018/19.  The value of all Rs 2,000 notes issued in 2016/17 stood at Rs 6,57,100 crore; only Rs 15,500 crore worth fresh Rs 2,000 notes were added in 2017/18, taking the total to Rs 6,72,600 crore.