NEW DELHI: Veteran Congress leader Kapil Sibal has slammed Prime Minister Narendra Modi's determination to withdraw Rs. 2000 notes. The Congress leader expressed his disagreement with the Central government's standpoint.
The Reserve Bank of India on Friday, May 19, announced the gradual phasing out of Rs. 2000 denomination notes from circulation saying that it has served its purpose.
In a tweet, Kapil Sibal drew attention to Prime Minister Narendra Modi's claim that there is a clear link between the amount of cash in circulation and the level of corruption, which was made on November 8, 2016.
RBI withdraws Rs 2000 note from circulation, Will continue to be legal tender till Sept30
The Reserve Bank of India announced on Friday that currency notes of Rs 2,000 denomination will be withdrawn from circulation. It also advised the general public to exchange or deposit them in their bank accounts by September 30.
Rs 2,000 notes one has into one’s bank account or alternatively or additionally exchange a maximum of ten such notes a day at any branch of any bank till September 30, 2023. The 2,000-denomination banknote was introduced in November 2016 after the Modi government had announced demonetization of Rs 500 and Rs 1,000 notes. As per RBI, the objective of introducing the Rs 2,000 notes was to meet the urgent demand for currency notes on the back of demonetization which had sucked out as much as 86% of the currency in circulation.