Hours after the Reserve Bank of India (RBI) notified to withdraw ₹2,000 denomination banknotes from circulation, West Bengal Chief Minister Mamata Banerjee on Friday hit out at the BJP-led Central government and termed it as”billion dollar dhoka” urging people not forgive those responsible for such a move.
Earlier, the RBI decided to withdraw the ₹2,000 denomination banknotes from circulation but said they will continue to remain legal tender.
“So it wasn’t ₹2000 dhamaka but a billion dollar dhoka to a billion Indians. Wake up my dear brothers and sisters. The suffering we have endured due to demonetisation can’t be forgotten and those who inflicted that suffering shouldn’t be forgiven,” West Bengal CM wrote in a tweet.
Among other things, the RBI in its notification also advised banks to stop issuing ₹2000 denomination banknotes with immediate effect.
ALSO READ: Phasing out ₹2000 denomination notes: five things you need to know
However, RBI said that citizens will continue to be able to deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023.
The ₹2000 denomination banknote was introduced in November 2016, following the withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time.
With banknotes in other denominations became available in adequate quantities, the objective of introducing ₹2000 banknotes was met, said RBI, adding the printing of ₹2000 banknotes was stopped subsequently in 2018-19.
Prior to March 2017, about 89 per cent of the ₹2000 denomination banknotes were issued and are at the end of their estimated life span of four-five years.
As per RBI, total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as of March 31, 2018 to ₹3.62 lakh crore constituting only 10.8 per cent of Notes in Circulation on March 31, 2023.
“It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public,” RBI said Friday.
“In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000 at a time at any bank starting from May 23, 2023,” RBI said.
With agency inputs.
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