Finance secretary TV Somanathan said: “There is adequate supply of smaller-denomination notes in the economy to substitute for the ₹2,000 notes. I don’t see any impact whatsoever on the economy.” Economic affairs secretary Ajay Seth said it is only an exchange of notes of one denomination for smaller denominations. “Money supply to the economy will remain unaffected. The currency (the ₹2,000 note) continues to be a legal tender”.
Tariff shock turns FIIs to sellers in April. Analysts flag global risk but back India’s fundamentals
Foreign institutional investors reversed course in early April, spurred by rising global trade tensions following US President Trump’s announcement of steep tariffs. This led to