Friday , September 20 2024

Two thousand note: Why does PM Modi not consider 2000 rupee note as good currency?

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Two thousand note ban: The Reserve Bank of India has announced to withdraw the 2000 rupee note on Friday. But its return was decided long ago. During demonetisation, these notes were issued as a temporary solution, said Nripendra Misra, former principal secretary to Prime Minister Narendra Modi. On November 8, 2016, when demonetisation was announced in the country, Nripendra Mishra was the Principal Secretary to Prime Minister Modi. He was part of the demonetisation process, so he knows the story behind it.

He has also talked about withdrawing the 2000 rupee note and has also told the story behind it.

Talking about this, Nripendra Mishra said, ‘The Prime Minister considers small notes practical’
And said, ‘Prime Minister Modi has always said that Rs 2000 note is not practical for daily transactions. They believed that this note would also make tax evasion and keeping black money easier. PM Modi considers small notes more practical.

Former Chief Secretary said that the withdrawal of 2,000 notes from circulation PM Modi’s Reflects the modular building approach. In the year 2018-19, the printing of two thousand notes was stopped. After this it was gradually phased out and now on 30 September 2023 it will be completely phased out.

He said that the purpose of bringing 2000 notes has been fulfilled.
2000 rupee notes were issued under section 24(1) of the RBI Act 1934. 500 and 1000 rupee notes were removed from circulation during demonetisation, so it was introduced as currency. Mishra said that now 100, 500 and 200 notes ie small notes have come in the market and the purpose of bringing 2000 notes has been fulfilled for the time being.

Meanwhile, Finance Secretary TV Somanathan said that the decision to withdraw the 2000 note is different from demonetisation. It has no effect on the economy. He said that banks will have a complete system to exchange notes.