Welcome to stop printing rupees-2000 Currency-Notes
Bureau,Odishabarta
Welcome to stop printing rupees-2000 currency-notes – Step required to plug out rupees-2000 currency-notes from circulation without need of demonetisation.
NEW DELHI:It refers to reply in Parliament on 15.03.2021 that no new currency-notes in denomination of rupees 2000 have been printed in last one year. Discontinuing printing of rupees-2000 notes was on expected lines because these had to be printed only to meet immediate currency-requirement following demonetisation of old currency notes of rupees 500 and 1000 on 08.11.2016.
It is a known fact even presently, rupees-2000 notes are not much in normal circulation. These are mainly and conveniently used to park black money and for unaccounted fiscal-transaction. Official reply in Parliament about discontinuing rupees-2000 notes is further likely to create a sort of panic amongst members of public resulting in not accepting rupees-2000 notes.
Central government and Reserve Bank of India (RBI) should take further steps before hoarders of black money may convert rupees-2000 notes in notes of smaller demonisations. RBI should direct banks not to further issue rupees-2000 notes. Moreover for huge revenue-earning and to bring unaccounted money in actual circulation, central government should urgently introduce a Voluntary-Disclosure-Scheme (VDS) whereby 30-percent of disclosure of black money may have to be deposited as Income Tax, and 20-percent may be required to be invested in special long-term low-interest bonds. Rather such a VDS if made a permanent feature with maximum Income-Tax slab restored to 30-percent without any surcharge or cess, can result in huge revenue-earning and investment at low interest on regular basis. Cash-withdrawal limit by an individual then can be fixed at rupees 96000 per month gradually reduced to rupees 48000.
Input;Subash Agarwal
