Senior Congress chief P Chidambaram blasted the federal government on Friday after the RBI introduced the withdrawal of Rs 2,000 notes from circulation, calling them a “band-aid” to cover the “silly determination” to demonetise the Rs 500 and Rs 1,000 notes. The federal government and RBI had been compelled to reintroduce the Rs 500 word just a few weeks after demonetisation, in keeping with the previous Union finance minister, and he won’t be stunned if the Centre additionally reintroduces the Rs 1,000 word.
“As anticipated, the federal government/RBI have withdrawn the Rs 2,000 word and given time till September 30 to trade the notes,” Chidambaram wrote in a tweet. “The Rs 2,000 word is hardly a preferred medium of trade. We mentioned this in November 2016 and we have now been proved right,” he added.
As anticipated, the federal government/RBI have withdrawn the Rs 2000 word and given time till September 30 to trade the notes
The Rs 2000 word is hardly a preferred medium of trade. We mentioned this in November 2016 and we have now been proved right
The Rs 2000 word was a band-aid to…
— P. Chidambaram (@PChidambaram_IN) May 19, 2023
The previous finance minister claimed that the demonetisation of the broadly used and well-liked Rs. 500 and Rs. 1,000 notes had been a “silly determination” and that the Rs. 2,000 word was merely a “band-aid” to cowl it up.
The federal government and the RBI had been compelled to reintroduce the Rs 500 word just a few weeks after demonetisation, in keeping with Chidambaram.
“I shall not be stunned if the federal government/RBI re-introduced the Rs 1,000 word as effectively. Demonetisation has come full circle!!” He said.
READ | Explained: Why RBI Has Decided To Withdraw Rs 2,000 Notes From Circulation
The Reserve Financial institution of India (RBI) introduced on Friday that it could cease printing Rs 2,000 notes, but it surely gave the general public till September 30 to deposit them in accounts or trade them at banks.
The outdated Rs 500 and Rs 1,000 notes had been out of the blue invalidated in a single day through the shock demonetisation in November 2016, however the Rs. 2,000 notes will stay authorized tender till September 30.
The RBI mentioned in a press release that it has directed banks to cease issuing Rs 2,000 notes with instant impact. Whereas the RBI didn’t specify a restrict for depositing Rs 2,000 forex notes in financial institution accounts, an trade of as much as Rs 20,000 (10 Rs 2,000 notes) for different forex notes will probably be permitted at anybody time.