The Reserve Bank of India in its strategy to combat the menace of black money has directed people to return all the currency notes printed (minted) prior to 2005. It will be better if these notes are also barred from circulation. When Moraji Desai was prime minister during the Janata Party rule, he had demonetised Rs 1,000 notes to unearth black money. Though, it was not a permanent solution, the steps taken by the then government unnerved black money holders. The periodical exchange of currency notes with the old ones is only a temporary measure. As contemplated earlier, it is better if plastic notes come into circulation. Scribbling on the notes and soiling them would then become a thing of past. It would be right if plastic notes are introduced from April 1, 2014, so that the double work of exchanging old currency notes with new ones, and then exchanging paper currency notes with plastic ones can be avoided.
K V Seetharamaiah Hassan
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