Recall of 2000 rupees notes

Recall of 2000 rupees notes The article "Rs2000 note recall, the right move" (The Hindu Business Line, May 24) is comprehensive in explaining the rationale for the measures taken by GOI and RBI to minimise the abuse of hard currency for purposes for which they are not intended. If any assets including hard currency which can be used as "store of value" are used by citizens for speculation or creating imbalance in the economy or financial system, lawmakers and regulators are dutybound to intervene and take corrective action. While there was some inadequacies in planning and execution of the massive demonetisation exercise of 2016-17, RBI has handled with care the withdrawal of pre-2005 currency notes. There's no reason to doubt that the gradual replacement of two thousand rupees notes introduced as a need-based interim measure in 2016 will have any roadblocks as these notes today form only a small percentage of currency in circulation. More sensitive pockets of unaccounted assets accumulation including the yellow metal and undervalued real estate properties are waiting to be mainsteamed and accounted. Once the government and regulators initiate measures to make them productive assets, India's image will change. M G Warrier Mumbai


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