Home Business Parliament Session: BJP MP Sushil Modi Calls For Phasing Out Rs 2,000 Note. Here Is Why

Parliament Session: BJP MP Sushil Modi Calls For Phasing Out Rs 2,000 Note. Here Is Why

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BJP MP Sushil Kumar Modi on Monday demanded phasing out Rs 2,000 foreign money notice in a gradual method, saying that individuals in possession of such notes needs to be given two years to alternate them. Elevating his concern in the course of the Zero Hour in Rajya Sabha on Monday, Modi mentioned that Rs 2,000 notes had vanished from most ATMs within the nation and there have been rumors they won’t be authorized tender quickly.

The Rs 2,000 notice was launched by RBI to interchange the demonetised Rs 500 and Rs 1,000 notes at a quicker tempo in 2016. 

Sushil Modi mentioned that Rs 2000 notice printing had stopped within the final three years owing to a number of challenges related to the circulation. He mentioned, “There was no logic of bringing a Rs 2,000 notice when Rs 1,000 notice circulation was stopped.” He cited examples of developed nations that would not have foreign money notes of upper denominations.

“The federal government ought to steadily part out the Rs 2,000 notice. Residents needs to be given 2 years to alternate their holdings of the Rs 2,000 notes,” he mentioned.

He mentioned that the two,000 rupee notice had turn out to be synonymous with black cash. “Cases of hoarding and black advertising of Rs 2,000 notes have been surfacing and other people had been compelled to purchase them at a premium. They’re additionally conducive in settling massive cash-based transactions for illegitimate actions like terror financing, cash laundering, corruption and so forth,” BJP MP mentioned.

He mentioned, “Since India can be changing into a hub for digital transactions which additionally entail settlements of bigger quantities, there may be restricted want for having a high-denomination foreign money notice of Rs 2,000. To this impact, I urge the Authorities of India to steadily part out the 2000 rupee notice over a delegated time interval so that individuals can convert their reliable holdings of the famous into lower-denomination notes.”

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