Recently, I was taken aback by the news that RBI has withdrawn Rupees 2000 note.
The RBI is giving the following reasons:
Do you think these are valid reasons to stop the notes circulation?
RBI has given a short deadline to exchange/deposit these notes before 30th September 2023. However, if you want to go to bank to deposit your 2000 notes (in big numbers), you are in problem as there is daily limits — Rs 20,000 at a time.
Many experts are saying that it’s a wide window to deposit the notes. It is wide for people having less notes and shorter for people having more notes.
So, any person or business who have more Rs 2000 notes would require to visit bank multiple times. And if the number is much bigger, you will be in the eyes of Income Tax Department and enforcement agencies and scrutinise accordingly.
I hope people of India remember clearly that government issued these notes after “painful demonetisation” saying these notes will remove corruption as they will be able to track wrong transactions. They said that the black money will be curbed.
But, do you see any sign that such issues are better controlled or resolved today? I don’t think so.
Corruption is still there. Black money is still there. You can hear about new cases of corruption here and there on news channels (only those channels who are still fighting to show the truth and practicing real journalism).
So is there anything fishy about this decision? Maybe, I think so in my opinion.
Major elections are coming and as everybody knows large sum of cash transfers in such periods. Last time when demonetisation happened, it happened just before the crucial elections.
Last time it was brutal as it was immediate ban and countless people suffered. This time there is a window, and Rs 2000 notes are less in market. But will this move change the political and economic dynamics, time will tell, soon.
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