A member of MPs from the ruling Bharatiya Janata Party in the Rajya Sabha on Monday alleegd that the Rs 2,000 notes are being misused indiscriminately. They, further, demanded withdrawal of the notes to avoide an impending disaster.
They said in the Parliament that the Rs 2000 notes are, often, being used in criminal activities and illegal business. In such a situation, the government should stop it in a systematic manner. BJP MP and former Bihar Deputy CM, Sushil Kumar Modi, raised this issue during the Zero Hour in the Upper House.
He said, “It has become rare to see Rs 2,000 notes of pink colour in the market. ATM is not coming out and it is rumoured that it is no longer valid. ”He requested the government to clear its position in this regard.
The Centre announced demonetisation on November 8, 2016 declaring Rs 500 and Rs 1,000 notes illegal. After a few days, the government issued new notes of Rs 500 and Rs 2,000 in their place. Modi claimed that for the last 3 years, the Reserve Bank of India (RBI) has stopped printing Rs 2,000 notes and a large number of fake Rs 2,000 notes are being seized.
He said, “People have hoarded Rs 2,000 notes on a large scale. It is being used only in illegal trade. In some places, it is also being found in black and being sold at a premium.
According to Sushil Modi, the circulation of big notes has stopped in all the modern economies of the world. He observed that there is a maximum of $ 100 in America and there are also no notes of $ 1,000. He said that even in China, Canada, Australia and the European Union, the maximum value of notes is only up to 200.
The former Bihar finance minister said that only countries like Pakistan and Sri Lanka have Rs 5,000 notes while Indonesia has notes of Rs 1 lakh in circulation.
He said, “There is no justification for the circulation of 2,000 notes in India now. Now the government is also promoting digital transactions. Therefore, I request the government that Rs 2,000 notes should be phased out gradually. He demanded that the government should give chance to the public so that they can replace the 2,000 notes with other notes in a year or two. He said, “2,000 note means black money means black market. If black money has to be banned, then 2,000 notes should be closed.”