BJP MP Wants Rs 2,000 Notes Phased Out, Says It Is Being Hoarded, Used For Illegal Activities
Some of the reasons the Narendra Modi government had stated for the demonetisation of the existing Rs 500 and Rs 1,000 notes in November 2016 were to fight black money and to prevent illegal activities, including drug trafficking.
Along with the demonetisation, the government?introduced Rs 2,000 notes, the highest-valued Indian currency yet.
Where are the Rs 2,000 notes?
But six years later, the Rs 2,000 notes are hardly seen in circulation, and last month the RBI, in an RTI reply, said that the '0' number of the said denomination currency notes were printed in 2019-20, 2020-21 and 2021-22.
There have also been rumours that the RBI may pull the Rs 2,000 from circulation.?
Phase out Rs 2,000 notes
On Monday, BJP MP Sushil Kumar Modi demanded in the Rajya Sabha that the Rs 2,000 currency notes should be gradually phased out.
Raising the issue through a zero-hour mention, he said 2,000 rupee notes have vanished from most ATMs in the country and there are rumours that they may not be legal tender soon.
"The government has to clarify on this," he said, adding the RBI stopped printing the 2,000 rupee currency notes 3 years back.
The 2,000 rupee currency note and a new 500 rupee note were introduced when the government overnight demonetised old 500 and 1000 rupee notes.
Though the RBI said that new Rs 1,000 notes will be introduced soon, it has not happened in the past six years.
In the initial days of demonetisation, when the amount of cash people were allowed to withdraw from their accounts was limited and currency in circulation was less, people who had Rs 2,000 notes with them struggled to get change for them.
Rs 2,000 note was illogical
Many had questioned the logic of introducing a higher denomination currency.
Sushil Modi also said it was an illogical move.
"There was no logic of bringing a 2,000 rupee note when 1,000 rupee note circulation was stopped," he said.
Rs 2,000 notes synonymous with black money
He said 2,000 rupee notes are being hoarded and are often used in illegal trades such as that drugs and money laundering.
He said that the 2,000 rupee note - the highest currency denomination in the country - has become synonymous with black money.
"The government should gradually phase out the 2,000 rupee note. Citizens should be given two years to exchange their holdings of the 2,000 rupee notes," he said.
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