Demonetization once again? Rs 2000 notes should be banned, says former Secy
On this date, 3 years back, PM Narendra
Modi created ripples across India, by banning Rs 500 and Rs 1000 currency
notes. The ban was from immediate effect.
Nation witnessed long queues in
front of the banks and ATMs for depositing old notes and receiving new ones
Now, on 3rd
anniversary of this historic decision, a senior bureaucrat has suggested that new
Rs 2000 currency notes should also be can be demonetized
The bureaucrat in question here
is Mr. Garg. He was former Finance Secretary at time of demonetization He has
written a 72 page note last week and one of suggestions mentioned in note is
banning new Rs 2000 notes
In his notes, he has claimed that
Govt should demonetize Rs 2000 currency note right now, and if Govt. does this,
it won’t have a large scale impact to the scale of what was witnessed in 2016.
He said, “A good chunk of Rs.
2000 notes are actually not in circulation, having been hoarded. Rs 2000 note,
therefore, is not presently working as a currency of transaction. It can be demonetized,
without causing any disruption.”
Second reason given by him is that
such a large denomination of currency actually helps circulation of black
money.
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