Mr. Arvind Kejriwal, the Chief Minister of Delhi, took a dig at Mr. Narendra Modi, the Prime Minister of India, regarding then recent announcement of the withdrawal of Rs. 2,000 notes from circulation.
On the 19th of May, Friday, the Reserve Bank of India (RBI) issued a circular. Stating that the biggest note has been banned from circulation starting from the 30th of September. The RBI circulation informed the banks and public that Rs. 2,000 would be legal tender but would be withdrawn from circulation, in effect from the 30th of September.
The sudden announcement has created a panic amongst the public, especially businessmen and those working in cash. Responding to this, Mr, Arvind Kejriwal, the Delhi CM said, “First they said that by bringing 2000 notes, corruption will stop. Now they are saying that by banning 2000 notes, corruption will end. That’s why we say, PM should be educated. Anyone can say anything to an illiterate PM. He doesn’t understand. The public has to suffer.”
He further commented about the education of PM Narendra Modi and said, “That’s why we say, the PM should be educated. Anyone can say anything to an illiterate PM.”
Meanwhile, the Rs. 2,000 note was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs. 500 and Rs. 1,000 bank notes that were in circulation at that time. However, the money requirement of Rs. 2,000 has reduced and dropped by over 80%, which is why the circulation is being stopped. Furthermore, the available Rs. 2,000 notes are limited and there has been no printing of new notes since 2019.
The RBI also clarified that the notes would be a legal tender and are being withdrawn. The RBI also asked banks not to issue Rs. 2,000 notes to the public. In addition, those who have Rs. 2,000 notes are asked to exchange from banks, starting from the 23rd of May, till the 30th of September. At a time, only Rs. 20,000 could be exchanged, confirmed the RBI.
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