G is a 24 hour digital bureau: The Reserve Bank of India (RBI) on Friday announced the withdrawal of all Rs 2,000 notes. These notes were introduced after demonetisation in 2016. However, the Rs 2000 note was not declared illegal. That means these notes will be in circulation till September 30. Meanwhile, the question is whether notes larger than Rs 500 will be re-issued. In response, RBI’s first governor, R Gandhi, said India did not need more than 500 rupee notes.
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500 note not required
Former RBI Governor R Gandhi also said that the way digital transactions are growing in India, it seems India does not need big notes. Digital payment systems have grown over time and apart from this India has low inflation. In view of this, there is no need to pay large notes in India.
Why 2000 notes are closed?
Prime Minister’s former Principal Secretary Nripendra Mishra said over the phone that Prime Minister Modi’s thinking from the beginning was that the Rs 2,000 note was a temporary measure in special circumstances. Trading is not practical especially for the poor. Keeping this note in circulation for a long time would have encouraged black money, given opportunities for tax evasion. Therefore, the decision to withdraw the 2000 rupee note is in the public interest and in the interest of the country.
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How to change 2000 notes?
Nripendra Mishra was the Principal Secretary to Prime Minister Narendra Modi at the time of demonetisation in 2016. Banks will no longer issue 2000 rupee notes. 10 notes of 2000 rupees can be deposited in the bank at a time. The bank will give another note worth Tk 20,000 in return.
Opponents attack the government
On the other hand, political circles have started attacking BJP with Rs 2000 notes. But many feel that the government’s decision to scrap the 2000 rupee note is right to stop corruption. Meanwhile common citizens have started reaching every branch to deposit 2000 notes in the bank so that the notes can be easily deposited in the bank without any difficulty.
Congress President Mallikarjun Kharge has slammed the government saying that it is trying to cover up the wrong decision. First, demonetisation hit the economy. Crores of jobs have gone due to demonetisation. On the one hand, while the government says that this decision has been taken keeping in mind the public interest, on the other hand, the opposition parties, including the Congress, continue to attack. AIMIM President Asaduddin YIC also questioned the decision to withdraw the Rs 2,000 note.