‘Demonetisation has come full circle’: Chidambaram on RBI’s switch to withdraw Rs 2,000 notes

By PTI

NEW DELHI: Senior Congress chief P Chidambaram on Friday hit out on the authorities after the RBI launched the withdrawal of Rs 2,000 foreign exchange notes from circulation, saying the Rs 2,000 discover was a “band-aid” to cowl up the “foolish decision” of demonetising Rs 500 and Rs 1,000 notes.

The former Union finance minister acknowledged that a few weeks after demonetisation, the federal authorities and the RBI had been pressured to re-introduce the Rs 500 discover and he isn’t going to be shocked if the Centre re-introduces the Rs 1,000 discover as successfully.

In a shock switch, the Reserve Bank of India (RBI) on Friday launched the withdrawal of Rs 2,000 foreign exchange notes from circulation nonetheless gave public time till September 30 to each deposit such notes in accounts or change them at banks.

Unlike the November 2016 shock demonetisation when earlier Rs 500 and Rs 1,000 notes had been invalidated in a single day, the Rs 2,000 notes will proceed to be licensed tender till September 30.

In a tweet, Chidambaram acknowledged, “As expected, the government/RBI have withdrawn the Rs 2,000 note and given time until September 30 to exchange the notes. The Rs 2,000 note is hardly a popular medium of exchange. We said this in November 2016 and we have been proved correct.”

ALSO READ | ‘First act, second suppose’: Congress slams PM over withdrawal of Rs 2,000 notes

The Rs 2,000 discover was a “band-aid” to cowl up the “foolish decision” of demonetising Rs 500 and Rs 1,000 notes which had been customary and extensively exchanged currencies, the earlier finance minister acknowledged.

Just a couple of weeks after demonetisation, the federal authorities and the RBI had been pressured to re-introduce the Rs 500 discover, Chidambaram acknowledged. “I shall not be surprised if the government/RBI re-introduced the Rs 1,000 note as well. Demonetisation has come full circle!” he acknowledged.

The Rs 2000 discover was under no circumstances a “clean” discover, Chidambaram acknowledged, together with that it was not utilized by the overwhelming majority of the people. “It was used only by people to keep their black money, temporarily!” he acknowledged.

In a press launch, the RBI acknowledged it has requested banks to stop issuing Rs 2,000 notes with immediate influence.

While the RBI did not specify a prohibit for depositing the Rs 2,000 foreign exchange notes in monetary establishment accounts, the change of a most of Rs 20,000 (10 notes of Rs 2,000) for various foreign exchange notes shall be allowed at a time.

NEW DELHI: Senior Congress chief P Chidambaram on Friday hit out on the authorities after the RBI launched the withdrawal of Rs 2,000 foreign exchange notes from circulation, saying the Rs 2,000 discover was a “band-aid” to cowl up the “foolish decision” of demonetising Rs 500 and Rs 1,000 notes.

The former Union finance minister acknowledged that a few weeks after demonetisation, the federal authorities and the RBI had been pressured to re-introduce the Rs 500 discover and he isn’t going to be shocked if the Centre re-introduces the Rs 1,000 discover as successfully.

In a shock switch, the Reserve Bank of India (RBI) on Friday launched the withdrawal of Rs 2,000 foreign exchange notes from circulation nonetheless gave public time till September 30 to each deposit such notes in accounts or change them at banks.googletag.cmd.push(carry out() googletag.present(‘div-gpt-ad-8052921-2’); );

Unlike the November 2016 shock demonetisation when earlier Rs 500 and Rs 1,000 notes had been invalidated in a single day, the Rs 2,000 notes will proceed to be licensed tender till September 30.

In a tweet, Chidambaram acknowledged, “As expected, the government/RBI have withdrawn the Rs 2,000 note and given time until September 30 to exchange the notes. The Rs 2,000 note is hardly a popular medium of exchange. We said this in November 2016 and we have been proved correct.”

ALSO READ | ‘First act, second suppose’: Congress slams PM over withdrawal of Rs 2,000 notes

The Rs 2,000 discover was a “band-aid” to cowl up the “foolish decision” of demonetising Rs 500 and Rs 1,000 notes which had been customary and extensively exchanged currencies, the earlier finance minister acknowledged.

Just a couple of weeks after demonetisation, the federal authorities and the RBI had been pressured to re-introduce the Rs 500 discover, Chidambaram acknowledged. “I shall not be surprised if the government/RBI re-introduced the Rs 1,000 note as well. Demonetisation has come full circle!” he acknowledged.

The Rs 2000 discover was under no circumstances a “clean” discover, Chidambaram acknowledged, together with that it was not utilized by the overwhelming majority of the people. “It was used only by people to keep their black money, temporarily!” he acknowledged.

In a press launch, the RBI acknowledged it has requested banks to stop issuing Rs 2,000 notes with immediate influence.

While the RBI did not specify a prohibit for depositing the Rs 2,000 foreign exchange notes in monetary establishment accounts, the change of a most of Rs 20,000 (10 notes of Rs 2,000) for various foreign exchange notes shall be allowed at a time.