Former Principal Secretary Reveals PM Modi's Dislike for ₹2,000 Notes; Ignites Political Debate
- Posted on May 22, 2023
- By Top Stories
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Former principal secretary:-
Former principal secretary Nripendra Mishra, who served under Prime Minister Modi during the 2016 demonetization, revealed that the Prime Minister was never in favor of introducing ₹2,000 notes due to their impracticality for daily transactions.
This disclosure coincided with the Reserve Bank of India's announcement that it would be withdrawing the ₹2,000 notes from circulation, sparking a heated political debate.
Jairam Ramesh, a Congress general secretary, criticized Nripendra Mishra's statement, dismissing it as an attempt at damage control. Ramesh sarcastically suggested that Modi would claim he was compelled by his advisors to carry out the demonetization.
The opposition seized the opportunity to condemn the government, viewing the decision to withdraw the ₹2,000 notes as a complete reversal from the 2016 ban on ₹500 and ₹1,000 notes when the new denomination was introduced.
The RBI clarified that the printing of ₹2,000 banknotes had ceased in the financial year 2018-19.
In contrast, BJP leaders supported the withdrawal of ₹2,000 notes and defended the decision by asserting that it was distinct from the demonetization exercise. They argued that common people did not possess many ₹2,000 notes, citing the discovery of substantial amounts of this denomination during recent raids, indicating its use for hoarding money.
Individuals in possession of ₹2,000 banknotes will have the option to deposit them into their accounts or exchange them for other denominations at any bank branch until September 30, 2023.
The State Bank of India clarified that customers would not be required to submit any identification or requisition forms for exchanging the ₹2,000 notes. Each customer would be permitted to exchange a maximum of ten currency notes of ₹2,000 at a time.
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