The Reserve Bank of India has quit printing ₹2,000 notes to counteract illegal tax avoidance and address fake notes currency in circulation. An RTI inquiry by the New Indian Express uncovers the national bank hasn’t printed a solitary ₹2,000-section note since April 2019. Forging of the ₹2,000 note hopped 22% y-o-y in 2018-19, even as the number of such notes available for use declined, official information appears. Prior this week, the National Intelligence Agency referred to top-notch counterfeit notes as one of six significant developing difficulties.
RBI To Issue New Pink-Green One Rupee Notes after a Gap of 22 Years
This is completely ludicrous. For what reason were these notes presented, in the first place? It is really clear when you present such a major division, that illegal tax avoidance will be simpler. Practically all parts of the 2016 demonetization can be clarified or comprehended, with the exception of this. The ₹2000 note is as dumbfounding now as it was at that point.
RBI Introduces Rs 20 Coin For The First Time Ever in Indian Economy
Will the RBI (sometime in the future) take back the notes? Replace them with a smaller denomination? Nobody knows. The 2000 rupee notes were initially meant for government to government transactions only.
A few reports recommend that they chose to release a predetermined number for open use to fill the hole. The arrangement was to eliminate them in 3 years time. A lakh rupees put away in Rs 2000 cash notes would take a large portion of the space of the equivalent put away in Rs 1000 notes. It’s good judgment. Forgers need to create half the same number of units. The same goes for tax avoidance and tax evasion activities.
RBI to set up Online Central Registry for Tracking Frauds in Payment Systems with Real Time Data
In this way, as I would like to think, it was an imbecilic plan, in any case, to present Rs 2000 notes. It resembles giving launderers, forgers, and assessment dodgers a gigantic Diwali blessing each day of the year. Joining demonetization, it resembled puncturing your vessel twice even as you plug one break.
Cryptocurrencies Totally Banned In Indian Banks; RBI Will Soon Launch Their Own Digital Currency
This is another example of how confusing the government policies are on one hand and the people breaking the systems on the other. Banning 1000 rs notes to curb black money and introducing 2000 rs note is hard to understand. Lawbreakers have again found a way to circulate fake currency. This is a cat and mouse game where people themselves are unable to change systems and government solutions are not perfect. So always back to square one.