Delhi’s CM Arvind Kejriwal slams PM Narendra Modi against the decision of withdrawing the ₹2000 denomination notes, with a tweet.
PM Narendra Modi ordered a ban on the use of ₹500 and ₹1000 notes and introduced notes of ₹2000 in the year 2016. However, RBI has now claimed the withdrawal of ₹2000 denomination bank notes.
After the ban on ₹500 and ₹1000 notes and introduction of ₹2000, the RBI has now announced the withdrawal of ₹2000 notes claiming that the objective of demonetisation has been fulfilled. After hearing the news many prominent personalities and leaders took this discussion over twitter including the Delhi Chief Minister and the AAP convener Arvind Kejriwal.
Slamming the ruling Government and its leader PM Modi, on Friday, he quotes that the Prime Minister is not aware and won’t understand the affliction of the common public who undergo immense suffering and inconvenience due to the introduction of such new government policies.
Image courtesy: twitter.com
He tweeted “Earlier it was claimed that the introduction of ₹2000 will curb corruption, now it’s being asserted that the withdrawal of the same will end corruption. This is the reason why we insist that the PM of a country should be educated. Anybody can mouth anything to an illiterate Prime Minister. He would never understand. Eventually the ones suffering are the general public.”
A flashback to where it all started:
The BJP government led by PM Narendra Modi imposed the withdrawal of ₹500 and ₹1000 in a very prompt way when it was in circulation i.e., in 2016. With the ban, the introduction of ₹2000 notes were made to fulfil the nation’s currency needs.
The main objective of demonetising the notes, as said by the PM, was to curb growth of corruption and black money and also to stop the printing of fake currency. This sudden decision led to a wave of chaos and fear with long queues of public forming outside the doors of banks.
Image courtesy: mystory.com
The impact of this decision was grave and profound. This demonetisation led to an increased use of digital transactions. However the most affected were the unorganised sector which included farmers, daily wage workers, etc who relied on cash completely.
The policies of the Prime Minister affected the general public in one way or the other however there were many who supported the party especially because of the sentimental speeches given by PM Modi.
The Aftermath of all these decisions:
As other denomination bank notes were available in ample quantities, the objectives of ₹2000 is considered to be fulfilled. Also, the printing of these notes were stopped in 2018-19.
Around 89% of ₹2000 notes were issued before March 2017 and thus the end of its estimated life span (4-5 years) has arrived as the value of these notes steps down from 6.73 lakh crore (37.3% of circulation) at the peak of March 31, 2024 to around 3.62 lakh crore by March 21, 2024 (only 10.8% of circulation)
Image courtesy: indiatvnews.com
The next steps to focus on:
The Reserve Bank of India, on Friday, said that ₹2000 notes are not being widely used for transactions while other notes continue to be sufficient and meet the requirements of the people.
RBI has requested to stop the usage and issuing of ₹2000 notes with immediate effect however the currency will continue to remain as legal tender.
The citizens will be able to deposit the notes into bank accounts or exchange them into other denomination bank notes until September 30, 2024. Also, to ensure trouble-free working and to not disrupt the ongoing activities of the bank, the public can exchange ₹2000 notes up to a limit of ₹20,000 at a time from May 23, 2024.
