Demonetization of rupees-2000 notes can undo wrong implementation of earlier demonetisation of 08.11.2016

Kashmir Times. Dated: 1/8/2019 1:28:16 PM

Dear Editor,
Media-reports confirm about printing of rupees-2000 currency-notes by Reserve Bank of India RBI after about two years of launch to meet emergency situation subsequent to demonetization on 08.11.2016 of earlier notes of rupees 500 and rupees 1000.
Ruppes-2000 notes worth rupees 6.73 lakh crores were there in circulation on 31.03.2018 which accounted for 37-percent of total currency worth rupees 18.03 lakh crores on that day. Since rupees-2000 notes not commonly seen are mainly hoarded as unaccounted currency and for illegal currency-circulation, even a currency-crunch developed in the country some time back.
Even though demonetization on 08.11.2016 was a bold step for checking unaccounted deals, yet poor and unplanned implementation could not give the desired results with currency-circulation presently crossing the figure before demonetisation on 08.11.2016 thus negating the real purpose of demonetization.
Since rupees-2000 notes are not much in hands of commoners, a well-planned demonetisation of rupees-2000 notes by asking public to deposit all these notes in their banks before a stipulated date can yield the desired result of checking unaccounted transactions and replacing cash-deals by banking-transactions. Voluntary-Disclosure-Scheme for unaccounted cash announced simultaneously with announcement of demonetising rupees-2000 notes can overflow public-exchequers. Demonetization of currency-notes of rupees 1000 and 500 done on 08.11.2016 will be incomplete till rupees-2000 notes issued in emergency conditions are demonetised.
—Subhash Chandra Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk Delhi.

 

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