Rs two thousand notes

Media Response July 5, 2023 Rs two thousand notes This refers to S K Gupta's letter captioned "Banks can follow RBI" (July 5) making a practical suggestion for banks. The revelation that major portion of the 2k notes returned came as deposits in banks is comforting and calls for a detailed case study in the context of media debates that followed demonetisation and the present withdrawal of 2k notes from circulation. A couple of quick inferences are : 1) Only a small percentage of high denomination currency was with common man who exchanged them for lower denomination currency. 2) Rich people were, for whatever reason, using two thousand rupees notes as store of value which need to be discouraged any way for obvious reasons. In retrospect, despite hesitant implementation, one feels, the 2016 demonetisation was not a bad idea per se. M G Warrier Mumbai


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