The Reserve Bank of India has released a latest notification and has asked all the people to deposit their 2000 rupees banknote into their respective bank accounts. The facility for exchanging or depositing up to rupees 20000 would be available from 23rd May and it will be available till 30th of September 2023. The exchange facility will be able to provide a maximum exchange of rupees 20000 with the total valuation of 720000 being exchanged in the given period. The government has directed the people to deposit the money in the usual way and no restriction is applicable with respect to the way of depositing money to the bank accounts. This entry government has issued directions to the Reserve Bank of India in order to stop the issuance of this category of bank note immediately.
This is the second surgical strike against black money made by the Modi government. It will be helpful to extract the financial transactions of all the people who have been hiding the high value currency from a very long period of time. The government has assured that people will not face any kind of difficulty that they faced at the time of the demonetisation that took place in 2016. Atmost arrangements have been made by all the banks in order to Cater to the present situation with the utmost amount of efficiency and effectiveness. This particular move has however been slammed by the opposition parties of Congress. The former finance minister has officially treated this step to be another blunder that will repeat the side effects of demonetisation once again. According to opposition leaders this particular note has become a popular medium of exchange. The decision to withdraw this currency is not effective until and unless the government re-introduces rupees 1000 once again. The government has not made any such decision for the time being.
The notification was released by the central government on 19th May 2023. All the BJP leaders have supported this move because it will help to once again regulate inflation and the supply of currency in the economy. The government is speaking all of these steps for the benefit of the country. According to the official records around 700000 crore is the valuation of this currency in the market which is currently in circulation in 2023. Not only this but also, this valuation has decreased to 400000 crore in 2023 due to which the dependency of the population in utilising this currency as a medium of exchange has decreased. The printing of this kind of note was already stopped in the year of 2018. The government has supported this incident with proper evidence.