‘Second surgical strike on black money’: Sushil Modi on ₹2,000 note withdrawal

The RBI has given the people time till September 30 to deposit these notes into their accounts or exchange them at the nearest bank.

Published on: May 19, 2023, 21:44:31 IST

By HT News Desk | Written by Aryan Prakash

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Bharatiya Janata Party leader Sushil Kumar Modi on Friday hailed the Reserve Bank of India's decision to withdraw ₹2,000 denomination notes from circulation, calling it a second surgical strike on black money.

BJP leader Sushil Kumar Modi said the decision to withdraw ₹2,000 notes will not affect common people. (Vipin Kumar/HT PHOTO)

“This is the second surgical strike on black money. During demonetisation, the government started printing ₹2000 notes to give immediate relief to the people. This will not trouble the common man as they do not have ₹2000 notes”, he said.

On Friday, the central bank ordered the withdrawal of ₹2,000 denomination notes as part of its ‘Clean Note Policy’. The RBI has given the people time till September 30 to deposit these notes into their accounts or exchange them at the nearest bank.

In a statement, the Reserve Bank of India said the printing of ₹2,000 notes was stopped in 2018-19. About 89% of the ₹2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years, the RBI added.

The people can exchange the ₹2,000 bank notes or deposit them into their accounts till September 30, absolutely free of cost. There is an exchange limit of bank notes of up to ₹20,000. The Reserve Bank of India has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect.

The ₹2,000 denomination bank note was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all ₹500 and ₹1,000 bank notes in circulation at that time.

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HT News Desk
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