Baghel attacks RBI over ₹2000 note withdrawal: ‘Why reversed your own decision’ | Latest News India - Hindustan Times

Baghel attacks RBI over 2000 note withdrawal: ‘Why reversed your own decision’

By | Edited by Kunal Gaurav
May 20, 2023 09:06 PM IST

Earlier in the day, Congress party president Kharge, criticised PM for the RBI's announcement regarding the withdrawal of ₹2000 currency notes from circulation.

Chhattisgarh chief minister Bhupesh Baghel of Congress questioned the logic behind the central bank's move to withdraw the circulation of 2000 currency notes just seven years after their introduction. Interacting with media persons on Saturday, Baghel said, “After seven years, you have altered your own decision.”

Chhattisgarh chief minister Bhupesh Baghel (File Photo)
Chhattisgarh chief minister Bhupesh Baghel (File Photo)

Also Read | 6 reasons why RBI withdrawing 2,000 notes is a good move, explains former CEA

The chief minister questioned the reasoning behind this move and said, “I want to ask the RBI, why have you reversed your own decision after seven years? You introduced these denominations in 2016, stopped printing them in 2019, and now you have halted their circulation.”

He called upon all members of the media to actively seek answers from the RBI Governor regarding this decision.

Also Read | Mamata Banerjee slams Centre after RBI scrapped 2,000 notes; ‘Billion dollar dhokha’

Baghel continued his critique by asserting that the RBI's actions constituted a misuse of taxpayers' money. "To print these notes, an estimated amount of 1600 crores to 1700 crores was expended. Are these expenses borne by the hardworking taxpayers of our nation? This question must be raised by the media," Baghel demanded.

Earlier in the day, Congress party president Mallikarjun Kharge criticised Prime Minister Narendra Modi over the RBI's decision, referring to it as yet another instance of “note bandi” designed to inflict hardship upon the people.

Taking a satirical tone, Kharge remarked, "Modi has once again issued a fresh directive. It seems whenever he visits Japan, he feels compelled to announce a 'note bandi' notification before departing. During his previous trip, he implemented the demonetization of 1,000 notes, and now, on this visit, he has implemented the demonetization of 2,000 notes."

RBI's decision to withdraw 2,000 currency notes

The Reserve Bank of India (RBI) on Friday has taken the decision to withdraw 2,000 currency notes from circulation. The central bank has instructed banks to facilitate the deposit and exchange of 2,000 notes until September 30, 2023.

Introduced in November 2016, the 2,000 denomination banknote was primarily introduced to swiftly address the currency requirements of the economy after the withdrawal of the legal tender status of 500 and 1,000 banknotes in circulation at that time.

The RBI justified its decision by pointing out that the 2,000 denomination note is not widely used for transactions. Additionally, there is an ample stock of banknotes in other denominations to sufficiently meet the public's currency demands.

In contrast to the sudden demonetization of old 500 and 1,000 notes in November 2016, the 2,000 notes will retain their legal tender status until September 30.

The RBI stated, “Taking into consideration the aforementioned factors and in line with the Reserve Bank of India's 'Clean Note Policy,' it has been determined that the 2,000 denomination banknotes will be withdrawn from circulation.”

(With inputs from agencies)

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