The Reserve Bank of India (RBI) has no intention to issue currency notes as per a government order.
However, RBI Governor Raghuram Rajan is expected to issue a statement on the matter on Tuesday (October 10).
The RBI has been considering issuing currency notes for nearly three months, but has not ruled out the possibility of issuing more currency in the future.
In April, RBI said it will issue currency note on December 15, 2020, after the government’s decision to limit the number of notes issued.
The RBI also said it would issue a currency note, in time, on December 14, 2020.
This has been in the pipeline for over a year now.
On March 16, the RBI Governor stated that he would issue currency bills in time for Christmas.
The RBI’s monetary policy committee, which meets to formulate monetary policy in the coming three months will discuss the next steps for currency notes.
In a press conference on March 23, Rajan said, “As of now, we have no plans for issuing currency bills.”
The RBI had announced earlier this year that it would not issue any currency notes on December 8, 2020 due to the demonetisation of high value notes.
On February 23, the Reserve Bank had announced that it will not issue currencynotes on December 6, 2020 and that it had no plans on issuing any currency.
The currency notes were to be issued in the next three months.
Earlier this year, the finance ministry had also directed the RBI to issue notes, and that the RBI would also issue currency-denominated notes by December 15.
On January 27, Rajani had said that the government would issue Rs 100 and Rs 500 notes, with the currency notes being issued by the end of the year.
The notes were issued for Rs 1,000 and Rs 2,000 notes respectively.
On May 20, Rajane said that no decision has been taken on the issue of currency notes, which would be made by December 16.
In August, the government had issued Rs 100, Rs 500 and Rs 1 lakh notes, but not for long.
It had earlier announced that there will be no new currency notes in the near future.
On August 21, the central bank had also said that there would be no further currency notes issued by December 12, 2019.
On November 6, the Finance Ministry had announced the withdrawal of Rs 1.6 lakh crore worth of demonetised currency.
On December 8 the government said it was withdrawing Rs 1 Crore, worth Rs 1 Lakh crore, and the Reserve bank said that it has no plan to issue any more notes.
The Reserve bank had said on November 5 that it was issuing Rs 1 crore notes in December.
On September 27, the banking regulator had said it had taken a view that the demonelisation drive was going to have a negative impact on the currency supply and hence the RBI may not issue new currency note.