RBI’s move to withdraw ₹2k notes evokes mixed response

RBI’s move to withdraw ₹2k notes evokes mixed response

The Reserve Bank of India’s decision to withdraw currency of Rs2,000 denomination from September 30 has evoked a mixed response from citizens.
For some the decision has not gone down well.

Withdraw of Rs 2,000 notes will not be a reason to panic for the common man as digital currency is way more convenient than paper notes.

Though the withdraw of
Rs.2000 is the intent of the government to curb black money, it may be noted thay it will create inconvenience for the public, not as much as demonetization.

The deadline of 30 September for returning Rs 2,000 currency is long enough for those big industrialists, Bizmen and all those having black money stacked in cupboards of their home and so, get plenty of time.

This might also be an attempt to curb the money funded into elections. It could be to avoid what happened in Karnataka, where huge cash was seized amid the poll-campaigning. It is a good decision as Rs 2,000 notes are of the highest denomination and used for stashing cash and for black marketing.

Moreover, the decision would not impact middle-class families much as they hardly keep such high denomination currency. They spend mostly what they earn.

It may be noted that the 2000 denominations was used only by the business class or rich and famous and therefore, it would worry them more.
Infact, it is indeed a good decision by the RBI.These notes are used in all illegal activities like hawala and bribes. It would definitely curb the cases of evading income tax and promote use of digital currency. The government should ideally give discounts on the use of digital payment.

News input KV Raman