Business Standard

Withdrawal of Rs 2,000 note political decision like demonetisation: Soren

Jharkhand Chief Minister Hemant Soren on Sunday alleged that the withdrawal of the Rs 2,000 currency note from circulation was a political decision similar to demonetisation

Money, Rs 2000, 200 notes, Rupees

Press Trust of India Ranchi

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Jharkhand Chief Minister Hemant Soren on Sunday alleged that the withdrawal of the Rs 2,000 currency note from circulation was a "political decision" similar to demonetisation.
The Reserve Bank of India (RBI) on Friday announced the withdrawal of Rs 2,000 currency notes, stating that the existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.
"This (withdrawal of Rs 2,000 currency notes) was a purely political decision like the 2016 demonetisation to protect their (BJP's) political identity but they stand exposed before the masses. Unfortunately, the life span of the Rs 2,000 currency note was just six to seven years," he said at an event here.
Soren claimed that over 2 lakh small and medium industries were shut down due to demonetisation.
"Every commodity has a life including cameras and mobile phones but unfortunately the life of the Rs 2,000 currency note lasted for only 6-7 years," he said.
The Rs 2,000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time.
The RBI on Friday said it has observed that the Rs 2,000 denomination note was not commonly used for transactions and that the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: May 21 2023 | 5:02 PM IST

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