Withdrawal of Rs 2,000 note won’t affect economy: Former finance secretary
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Garg said that after the huge increase in digital payments in the last five-six years, the withdrawal of the Rs 2,000 note (which was actually introduced in place of notes of other denominations) will not affect the total money flow and hence the monetary policy But there will be no effect.
Former finance secretary Subhash Chandra Garg on Saturday said the withdrawal of Rs 2,000 note is not a “huge event” and will not have any impact on the economy or monetary policy. He said the Rs 2,000 note was introduced at the time of demonetisation in 2016 to overcome the temporary shortage of currency due to ‘contingent reasons’. Garg said that after the huge increase in digital payments in the last five-six years, the withdrawal of the Rs 2,000 note (which was actually introduced in place of notes of other denominations) will not affect the total money flow and hence the monetary policy But there will be no effect.
He told PTI, “This will also not affect the operation of India’s economic and financial system. There will be no impact on GDP growth or public welfare.” The RBI had on Friday announced the withdrawal of Rs 2,000 notes from circulation. Notes of this value can be deposited or exchanged in banks till September 30. In a statement issued in the evening, the RBI said that Rs 2,000 notes currently in circulation will continue to be legal tender till September 30.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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