return of 2000 rupee note

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by the Reserve Bank With the announcement of withdrawing Rs 2000 notes from circulation, where the memory of demonetisation in 2016 was reminisced, there has also been panic among the people. The Reserve Bank of India has said in a statement that it has asked banks not to circulate Rs 2,000 notes with immediate effect. RBI has not specified the note limit for depositing in bank accounts. But a maximum of Rs 20,000 (10 Rs 2,000 notes) will be allowed to be exchanged for other currency notes at a time. The move comes amid concerns about higher denomination notes being used to hoard black money. RBI has asked the public to deposit Rs 2,000 notes in their bank accounts and/or exchange them for other denomination notes at any bank branch. According to RBI, in order to ensure operational convenience and avoid disruption of regular activities of bank branches, Rs 2,000 notes can be exchanged for other denomination bank notes at any bank from May 23 to a limit of Rs 20,000 at a time . Also, this facility will also be provided in 19 Regional Offices (ROs) of RBI from May 23, 2023. Meanwhile, Ashwini Rana, an expert on bank affairs and founder of Voice of Banking, says, “The 2000 notes printed after demonetisation were deposited by black money holders and were not in circulation.” Due to this, they were not able to make any contribution to the country’s economy. It is the right decision of the government at the right time on black money. The general public will not be harmed by this.

While the opposition parties and anti-government people are putting the Modi government in the dock regarding the withdrawal of Rs 2000 note, former Finance Secretary Subhash Chandra Garg says that the reason for the increase in digital payments in the last five-six years is the withdrawal of the Rs 2000 note. There will be no significant impact on the total currency in circulation. Hence it will not have any impact on monetary policy as well. He said, neither it will have any effect on the economic and financial system of India, nor is it going to have any effect on the growth of GDP or public welfare. When currency printing was resumed after demonetisation, Garg was the economic affairs secretary and was in charge of the coinage and currency division. He says that the government had probably decided to print 2000 rupee notes keeping in view the immediate needs. Later it was decided to reduce it in a phased manner. In July-August 2017, the total value of 2000 notes in circulation was 7 lakh crores.

Former vice-chairman NITI Aayog Arvind Panagariya believes that there will be no impact on the economy, because instead of all the notes returned, small notes will come in the market or this amount will be deposited in bank accounts. The biggest reason for taking this step is to crack down on illegal transactions.

In November 2016, two thousand rupee notes were issued. According to RBI, about 89 per cent of the Rs 2,000 notes were issued before March 2017. These notes have crossed or are about to cross their shelf life of four-five years. As on March 31, 2018, notes worth Rs 6.73 lakh crore were in circulation. That is, their share in the total notes was 37.3 percent. By March 31, 2023, this figure has come down to Rs 3.62 lakh crore. That is, only 10.8 percent share of two thousand rupee notes in the total notes in circulation remained.

Haryana Home Minister Anil Vij has targeted those opposing the order of withdrawal of 2000 notes, saying that they are the ones who have hoarded illegal notes. These notes are not closed but are being changed. If you have valid notes then you can go to the bank and change it, no one has forbidden it. If someone is crying in this too, then only the one who has the sacks is crying. He is feeling pain. The government has instructed that whoever has Rs 2,000 notes up to Rs 20,000 can go to the bank and get them exchanged. There is merit in what Haryana Home Minister Anil Vij is saying and it is also true that the matter of withdrawal of notes has been taken keeping in view the present circumstances. There is no harm to the general public and the system, so there is no need to panic.

– Irwin Khanna (Chief Editor, Dainik Uttam Hindu)

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