Withdrawal of Rs 2,000 note will curb black money: RBI ex-deputy governor
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Gandhi was the head of the currency department in the RBI at the time of demonetisation of Rs 500 and Rs 1,000 notes in 2016. He told PTI that there is no possibility of any systemic impact on payments as these notes are not used in daily payments.
Former Deputy Governor of the Reserve Bank of India (RBI) R Gandhi on Friday said that the withdrawal of Rs 2,000 bank notes will go a long way in curbing black money as people are hoarding these notes. Gandhi was the head of the currency department in the RBI at the time of demonetisation of Rs 500 and Rs 1,000 notes in 2016. He told PTI that there is no possibility of any systemic impact on payments as these notes are not used in daily payments.
Most of the payments are done through digital means. However, the limit of Rs 20,000 a day for currency exchange may cause ‘operational inconvenience’. Because some people may have to visit a bank branch multiple times. Asked about the impact of withdrawing Rs 2,000 notes on the agenda to curb black money, Gandhi said it would help to a great extent. He said that one of the major reasons for demonetisation (in 2016) was to curb black money in the economy. The RBI on Friday evening announced the withdrawal of Rs 2,000 notes from circulation after September 2023. However, notes of this denomination can be deposited or exchanged in banks from May 23 to September 30.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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