Tuesday, October, 03,2023

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NOT DEMONETISATION: RBI to withdraw Rs 2,000 notes from circulation

Bang Bang – A surgical strike that reminds us all of the First targeted hit on Black-money and terror funding on November 8th 2016 – yet again on Friday the 19th May, 2023 RBI issued a public Announcement at 9PM stating that Rs 2,000 currency notes are withdrawn, will be out of the circulation by the 30th of September, 2023 – exchange of notes to be effected immediately.

Opposition parties – against the Central Government peddled a narrative against the incumbent government confusing people and reminding them of, playing with words and terming this as “Notebandi” – reminding of the horrors they faced in 2016 in the past. Unfortunately, since the people at large, have little time to understand this in detail, plays straight in the hands of many unscrupulous elements who are fear mongering, survive and feed their political ambitions on creating social fear, anguish and rush. Not withstanding fact that these same urban naxals are the ones who will lose most in this Rs 2000 note exchange/withdrawal drive.

The general public, as a matter of fact, have been very wise with the changing economic environment in India and have decently, and swiftly already moved to the digital forms of payment exchange and are using various easy to use money payment and receipt formats such as UPI, IMPS, RTGS, MMID, Payment Gateways, Rupay et all. Indeed, we realise that in less than 4 years of existence, UPI is performing digital transactions to the tune of Rs 7,000 crore annually (2022-2023) with a distribution of economic activity and related payment / receipt methodologies across the social and economic strata. Adoption of these digital payment / receipt methodologies have changed the landscape of corruption and black Money in India, making every one accountable to the society. Government to Citizen Services are consistently disbursed online, and have become accessible to the last mile. Making such online methodologies accessible to the citizen, the government has ensured that the general public is organised and ready to be a part of the main stream economic activity, ensuring that this time around, the negative sentiment is not set amongst the people of all walks of life, no long queues and no illegal activity in the name of exchange.

Walk up to your bank, or Any Branch of the Reserve bank of India, carry the currency with you – make a choice, if you would like to exchange the Rs 20,000 in to Rs 20,000 or simply deposit the amount in the bank – over the counter. Yes, a little inconvenience to this is that exchange will only be effected for 10 of Rs 2000 notes in one time, but then there is no cap on the amount of exchange. This is done to assist everyone across the board. In a more organised manner wherein the financial institutions will have enough new currency for everyone. It’s only going to be fair practices. Easier approach is to just walk over to your bank, not to forget that most banks offer door step pickup of deposits today (at least for premium customers), and effect a deposit in your account as much as you have. Three are approx. 4 months to do the entire transaction, and 30th September is the official cut off date, as of today. Post that, we could certainly await further instructions from RBI.

We as responsible readers of this article, need to understand that the government is the check, the ideator in this exercise, the Reserve Bank of India, which is a Autonomous body, will be co-ordinating the entire exercise along with the representatives of Ministry of Finace, government of India.

At this moment, it is pertinent for us to look into the legality of the entire exercise. Of course, be it Anti-India Forces, Urban Naxals, So called Opposition, or other unscrupulous, fear mongering sections of the “Kotri”, either popularly from the Bollywood or from the Lutyens, will try their best to tell you that this entire exercise is illegal in nature, and the government is a narcissistic government, which is sort of of unfactual claim made by the same people, and that this government is bringing in yet another disaster to the economy, and that you have no future left, and that Modi is a dictator and that blah blah blah.

But this is not the case. The reality is that this is a completely legal exercise does not need any intervention from the judiciary or any kind of other screening as this has been the policy of the reserve bank of India for eons that it has existed since 1999, every time a currency note is released out in the open market. This is that RBI decides the lifespan of a currency note now every currency note has a different lifespan, but in our case, Rs 2,000 note has a legal life span of four-five years from the date of printing another last Rs 2,000 note was printed somewhere around the first quarter of 2017 which is around January or February in 2023. We are already in May it’s approximately five years and so the RBI has now gone ahead and withdrawn the Rs 2,000 currency note this policy’s name is called the “clean note policy.”

So there isn’t any fear of a demonetization, or a “notebandi”, or any other such related aspect, which is being paddled by the unscrupulous, anti-Indian forces and miscreants, mischievous people, because their political ambitions come in way off their love for their country, and it is important for all of us to realize this together!

The RBI’s clean Note policy aims to maintain the integrity of the Indian currency by removing damaged, counterfeit, or soiled notes from circulation.
Jai Hind-Jai Bharat!!


VAIBHAV AGGARWAL The writer is represents the BJP in National and International Television Media and other Forums as a National Political Leader

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