PATNA: The RBI decision on Friday to withdraw banknotes of Rs 2,000 denomination from circulation while keeping it legal tender till September 30 this year has created storm on social media.
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Chartered accountant Subodh Goel told TOI that it was expected. "The government has taken this step to curb black money which is a right step. In fact, we hardly see Rs2000 notes and most of the transactions are done in Rs500," he said.
Rizwan Ahmad, who deals in paints, said the step may slightly hamper the market. "Many people will not even understand that it is still a legal tender. In fact, as soon as the news came out, it reminded me of 2016 when the government announced demonetisation of old series Rs500 and Rs1000 notes," he said.
"This (PM Modi's) government has been taking decisions in the mould of mediaeval age king Mohammad Bin Tughlaq. Six and half years ago, PM Modi declared that banknotes of Rs500 and Rs1,000 will not remain legal tender and brought into circulation bank notes of Rs2,000 denomination," RJD spokesman Chitranjan Gagan said.
However, state BJP spokesman Nikhil Anand presented another picture. "No modern developing country has currency notes of bigger denomination in circulation. The highest banknote in the US is of $100. Australia, Canada, China and European Union countries or big economies do not have currency notes of higher denominations in circulation," he said.
"Then, India always faces threat from outside, the nefarious elements. The big currencies are mostly used for hoarding, smuggling, drug trafficking, hawala and even by terrorist elements," Anand also said, adding: "We welcome the decision of the RBI to withdraw from circulation the banknotes of the Rs2,000 denomination."
"This is the second surgical strike on black money. During demonetisation, the government started printing Rs 2000 notes to give immediate relief to the people. This will not trouble the common man as they do not have Rs 2000 notes," RS member Sushil Kumar Modi said.