Rs 2,000 Currency Note Helped Keepers of Black Money: Chidambaram

GG News Bureau

New Delhi, 22nd May. Senior Congress politician P Chidambaram called the 2016 move to introduce Rs 2,000 notes “foolish,” claiming that the currency denomination simply enabled keepers of black money to accumulate money with ease and that they were now being “welcomed on a red carpet” to swap their notes.

The former finance minister’s criticism of the BJP government comes after the Reserve Bank of India (RBI) announced the withdrawal of Rs 2,000 currency notes on Friday, but gave the public until September 30 to deposit the Rs 2,000 notes in accounts or exchange them at banks.

It stated that it had directed banks to cease issuing Rs 2,000 notes with immediate effect.

In a Twitter post, Chidambaram said, “Banks have clarified that no identity, no forms and no proof will be required to exchange the Rs 2000 notes. The BJP’s spin that the Rs 2000 notes are being withdrawn to unearth black money stands demolished.” Ordinary people do not have Rs 2,000 notes as they shunned it soon after it was introduced in 2016, he said, adding they were useless for daily retail exchange.

“So, who kept the Rs 2000 notes and used them? You know the answer. The Rs 2,000 note only helped keepers of black money to hoard their money with ease,” Chidamabaram said.

“The keepers of Rs 2,000 notes are being welcomed on a red carpet to exchange their notes! So much for the government’s declared objective of rooting out black money,” the former finance minister said.

Chidambaram said the Rs 2,000 note was a “foolish” move in 2016. He said he was glad that the foolish move was being withdrawn at least seven years later.

After the RBI’s announcement, the Congress leader slammed the government, claiming the Rs 2,000 note was a “band-aid” to cover up the “foolish decision” to demonetize Rs 500 and Rs 1,000 notes.

The former Union Finance Minister stated that the government and the RBI were obliged to reintroduce the Rs 500 note a few weeks after demonetisation, and he will not be surprised if the Centre does the same with the Rs 1,000 note.