CHENNAI: The Rs 2,000 denomination notes are being banned, is trending in social media, in response to the growing popularity of "cash for votes" and to prevent the opposition BJP from using financial clout to influence the general elections in 2024.

 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.

Former AIADMK Lok Sabha MP K.C. Palanisamy said, "This is an effort to weaken the financial clout of the opposition.  "The monitoring radar will be activated on those who are depositing large numbers of Rs 2,000 denomination notes." He asserts that there is also a chance that the Lok Sabha elections would take place in October or November of this year.

"As was the case with demonetisation, we anticipate a slight improvement in bank deposit accretion in the near future. Short-term interest rates may also moderate as a result, said Karthik Srinivasan, Senior Vice President, Financial Sector Ratings, ICRA. This will relieve the pressure on deposit rate increases.

The removal of Rs 2,000 notes is an anticipated and opportune step towards responsible currency management within the context of upholding banking and financial discipline, according to Vimal Nadar, Head of Research at Colliers India. By taking these steps, the likely cash component of high-value real estate transactions is further decreased or eliminated. RERA and demonetisation have significantly increased openness in real estate over the past few years, primarily helping to establish fair market value.

RBI withdraws Rs 2000 note from circulation, Will continue to be legal tender till Sept30

Kapil Sibal slams PM Modi's decision to phase out Rs2000 notes