Rs. 2000 Note to be Banned in June 2017 - NEWS

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Rs. 2000 note to be banned in June 2017?

Centre will impose a ban on Rs 2000 in June next year (2017). Government had introduced Rs. 2000 note in the market to hoodwink people who want to convert black money into white with an organised manner. Issue of Rs. 500 note was delayed deliberately.

On November 8 2016, government banned Rs. 500 and Rs. 1000 notes and announced to release new notes of 500 and 2000 denomination. However RBI issued only Rs 2000 notes. Rs. 500 notes were released in well organised manner that too in limited quantity.

According to the reports received from various sources the government first issued Rs. 2000 note and restricted supply of Rs. 500 on purpose. Economist had advised Prime Minister that after banning of big currency black money hoarders will show interest in high denomination notes to convert their black money into white, when their money will be converted into white then he was advised to give another jolt to them by banning 2000 notes before black money hoarders could heave sigh of relief.

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Rs 2000 Note to be banned in June?

General opinion among people is that Rs 2000 currency note is of no use and it will eventually lead to more Black Money. Even Union Government is well aware of this fact but had to introduce the higher denomination note only because it doesn't have sufficient lower denomination notes to compensate the defunct Rs 500 and Rs 1000 notes amounting to over Rs 14 lakh crore.
The printing capacity of presses under RBI control increased by 35 percent when compared to the past. If the buzz is to be believed, Centre will impose a ban on Rs 2000 note within few months. June 2017 is likely to be deadline for the implementation of it.

Within six months, Printing of enough Rs 100 and Rs 500 notes will be done. So that, replacing the Rs 2000 notes could be carried out in a smooth manner.

To encourage cashless transactions, Centre will be printing Rs 500 notes in limited quantity. In the way, Black Money could be curbed and Digital Economy could be a reality.

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Rs 2000 notes will be banned soon in 2017

S Gurumurthy, the economic thinker aligned with RSS, has claimed that the Rs 2,000 note will be banned in next 5 years. Gurumurthy claimed that the Rs 2,000 note was introduced in a hurry to tide over the immediate cash crisis following the note ban, and it will be no longer a legal tender once the cash crisis stabilises. Gurumurthy was speaking to a private news channel.

Rs. 2000 Note to be Banned in June 2017 - NEWSMeanwhile, the government,  on December 14, may notify an amnesty scheme for those with undisclosed income. Under the scheme, 25% of the total income disclosed will be utilised for welfare of the poor.

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