An analysis of the search cases, conducted by Income Tax Department (ITD), involving cash seizures of more than Rs 5 crores in the last three Financial Years reveals that there is a declining trend visible in the seizure of unaccounted cash in the denomination of Rs 2,000 notes. The percentage of unaccounted cash seized in the denomination of Rs 2,000, out of the total cash seized is 67.91%, 65.93% and 43.22% in Financial Years 2017-18, 2018-19 and the current financial year, respectively. This was stated by Shri Anurag Singh Thakur, Minister of State for Finance & Corporate Affairs, in a written reply to a question in Rajya Sabha today.
In reply to the question of whether the Government is contemplating to stop the circulation of the Rs 2000 notes in a phased manner, the Minister stated that there is no such proposal with the Government.
Citing the Annual Report of the Reserved Bank of India, the Minister further stated that the share of the value of Rs 2,000 denomination banknotes in circulation (Rs 6,582 billion) to the value of total Notes in Circulation (Rs 21,109 billion) was 31.18%, as on 31.03.2019.
