Raj Thackeray told reporters: “I said that at the time too. If someone had made a decision with due thought, then this wouldn’t have happened.
Posted Date – Sunday, 5/21/23 at 12:15pm
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Nashik: Maharashtra Navelman Sena (MNS) Chairman Raj Thackeray on Saturday slammed the RBI’s decision to stop the circulation of the Rs 2,000 note, saying the country cannot afford such a decision, Because people will be affected by such actions of the government.
He told reporters: “I said the same at the time. If someone had made a decision with due thought, then this would not have happened. If the right experts had been consulted, this would not have happened. They took the step Is it the government or what?” “Last time (2016) there were new banknotes that didn’t even fit in ATMs. Now people have to deposit money in banks again. A country can’t afford A decision like this because it affects people,” the MNS chief added.
On Friday, the Reserve Bank of India decided to stop the circulation of the Rs 2,000 note, saying it would continue to be used as legal tender.
It has advised banks to immediately stop issuing Rs 2,000 notes.
Meanwhile, RBI said citizens will continue to be able to deposit Rs 2,000 notes into their bank accounts and/or exchange them for notes of other denominations at any bank branch until September 30, 2023.
However, these notes will continue to circulate. The Rs 2,000 denomination note was introduced in November 2016 mainly to quickly meet the monetary needs of the economy after all the legal tender status of all Rs 500 and Rs 1,000 notes in circulation at the time were withdrawn.
The target of introducing Rs 2,000 notes will be achieved once the availability of other denominations is sufficient. As a result, the printing of Rs 2,000 notes was subsequently halted in 2018-19, the RBI said.
About 89 percent of the Rs 2,000 denomination notes were issued before March 2017 and are approaching their expected life of four to five years.
The total value of these banknotes in circulation has fallen from a peak of Rs 673 trillion (37.3 percent of the notes in circulation) on March 31, 2018 to Rs 362 trillion, or just 10.8 percent of the notes in circulation, on March 31, 2023.
It was also observed that this denomination is not commonly used for transactions. In addition, the stock of banknotes in other denominations continues to be sufficient to meet the monetary demand of the public,” the RBI said on Friday.
It added, “To ensure ease of operation and avoid interruption of normal activities of bank branches, any bank may exchange Rs 2,000 notes for notes of other denominations at a time up to a limit of Rs 20,000 at any one time starting May 23, 2023” .
