/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
The Reserve Bank of India on Friday announced the withdrawal of Rs 2,000 notes from circulation, drawing sharp criticism from opposition leaders. Terming the decision as expected, senior Congress leader O Chidambaram said the demonetisation move of 2016 has come a full circle with the withdrawal of Rs 2,000 notes. Taking to Twitter, Chidambaram said the Rs 2,000 note was hardly a popular medium of exchange.
‘Rs 2,000 note was a Band-Aid’
The Congress leader said the Rs 2,000 note was used to hide the foolish decision of demonetisation. “As expected, the Government/RBI has withdrawn the Rs 2,000 note and given time till September 30 to exchange the notes. The Rs 2,000 note is hardly a popular medium of exchange. Said it and we have been proved right. The Rs 2,000 note was a band-aid to cover up the foolish decision of demonetising Rs 500 and Rs 1,000 notes, which were popular and widely exchanged currencies.
‘Will Rs 1,000 note come back?’
Chidambaram said he would not be surprised if the government re-introduces a new Rs 1,000 note like the Rs 500 note. “A few weeks after demonetisation, the government/RBI was forced to re-introduce the Rs 500 note. I would not be surprised if the government/RBI re-introduced the Rs 1000 note as well. Demonetisation complete It is done!” They said.
‘Rs 2,000 notes used to stash black money’
Admitting that the Rs 2,000 note was not clean and popular, Chidambaram said, “The Rs 2,000 note was never a ‘clean’ note. It was not used by most of the people. It was only used by people to launder their black money.” , temporarily!”
What is the matter?
The Reserve Bank of India on Friday said it has asked banks to stop issuing Rs 2,000 notes with immediate effect. The bank asked people holding Rs 2,000 notes to exchange them with banks before September 30. While the RBI did not specify a limit for depositing Rs 2,000 notes in bank accounts, exchange of a maximum of Rs 20,000 (10 notes of Rs 2,000) for other currency notes will be allowed at a time.
What’s next after September 30?
After September 30, all Rs 2,000 notes will become illegal tender and thus cannot be used for any commercial purpose. This means that after September 30 this year, neither you will be able to buy things with Rs 2000 notes nor deposit them in banks. However, you can use the Rs 2,000 notes to buy things or deposit them in banks before September 30, 2023.
