Demonetisation of Rs 2,000 notes : RBI failed to explain purpose

Abhijit Ray, Kolkata:The Rs 2,000 note will be stopped and the same was announced on May 19. On Tuesday, the process of changing or depositing the notes began. But the RBI governor himself is still in the confusion over the exact reason for the demonetisation. Reserve Bank of India Governor Shaktikanta Das was present at the annual meeting of the Confederation of Indian Industries on Wednesday. At the end of the meeting, he was asked about the real purpose or reason for demonetisation. But he cited multiple references to convey that.He once said, “The life of the Rs 2,000 note was coming to an end. In the coming days, if this note is allowed to run in the market, it will be full of bad notes. This note has been withdrawn so that there are only clean notes in the market. “We have conducted a survey by the Reserve Bank of India and found that rs 2,000 notes are no longer used by many people. On the contrary, if high-value notes remain unused in the market for a long time, various problems arise.In other words, he meant that the chances of money being counterfeit increased. However, rs 500-1,000 notes were scrapped in 2016 to prevent the circulation of fake currency notes. The Reserve Bank of India (RBI) is also not able to explain why 2,000 notes were suddenly demonetised.After the announcement of demonetisation, the RBI had said that no form or identity card will be required while depositing or exchanging Rs 2,000 notes.Because this note is valid. Guidelines were also issued in this regard. But there are complaints from different parts of the country that various banks have made it mandatory to sign the declaration form for depositing or changing notes. As a result, ordinary people are facing problems. However, the RBI governor did not pay heed to the allegations. “There has been no such problem anywhere,” he said. ’