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Monday, November 21, 2016

No one ready to accept rupees 2000 notes - Just useless after reversing decision to print new rupees 1000 note

MADHU AGRAWAL
(Guinness Record Holder for letters in Newspapers)

Reserve Bank of India (RBI) and central government should take immediate and urgent steps to direct banks to give smaller denomination notes in exchange of new rupees 2000 notes. Presently banks are forcing only rupees 2000 notes for withdrawal or exchange. Traders are not accepting new rupees 2000 notes unless goods worth full value of note are purchased. Many are refusing to accept rupees 2000 notes being scare of possibility of another demonetisation of these notes after a lapse of some years.

Otherwise also after reversal of decision to issue new rupees 1000 notes, there remains no logic in continuing printing any more rupees 2000 notes. Ultimately rupees 2000 notes will be practically used as carrier of black money with further chance of currency-demonetisation. RBI and central government should concentrate on printing notes only in denominations of rupees 500 and 100 for time being so as to provide instant relief to public.

With coins of rupees 10 denomination already popular in circulation, idea to print rupees 10 notes should also be dropped. It is also time to stop printing of one-rupee notes which were re-introduced only because of bureaucratic craze to have their signature on that note.

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