Letter to BS: Sacrifice convenience for business transactions

This is with reference to “In defence of Rs 2,000” (April 25). The convenience of a Rs  2,000 currency note for business and social transactions is well known. In the past, we have experiences the convenience with Rs 500 note and Rs 1,000 note too. However, in the current backdrop and the availability of a better electronic architecture for e-transactions, the availability of more Jan Dhan accounts and improved banking penetration and other such electronic conveniences for business transactions, the importance of the Rs 2,000 is over-stated in your esteemed editorial.

It is well known that pay-offs during election campaigns is easier if there are big currency notes, and sparse availability of the Rs 2,000 currency note is throwing a spanner in the works for pay-offs. Hence, the non-availability of Rs 2,000 is more a welcome news than a pain. The media, government agencies, commercial organisations, educational institutions, public utilities and NGOs should consciously encourage the use of non-currency-note-based transactions, through NEFT, RTGS, credit card, debit card, cheques and e-wallets. Unless this is done at all levels, by each person and entity, the scope of non-transparent transactions will only increase.  Simultaneously, the supply of small denomination notes by the Reserve Bank of India should increase to make small business transactions easier.

The general elections in 2019 would be ‘clean’ if there are more electronic transfers and reduced circulation of Rs 2,000 and Rs  500 currency notes, though these large value currency notes are convenient as stated by your editorial. It is important to sacrifice small conveniences for the larger interest of promoting transparency.

Sunil S Chiplunkar  Bengaluru

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