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RBI Stops Printing Rs.2000 Notes, Netizens Have Called It ‘Demonetization Disaster’

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RBI Stops Printing Rs.2000 Notes, Netizens Have Called It ‘Demonetization Disaster’

Well, this is nothing unexpected. In 2016, when Modi announced Note Bandhi, we knew that releasing 2000 rupee notes into the market would simply increase the level of corruption, not reduce it.

The Indian government now believes that the 2000 currency notes are the leading source of corruption, and that they have been used for tax evasion, money laundering and other such illegal activities.

As a result, the RBI will now stop printing 2000 rupee notes. However, this does not mean that the existing notes will become invalid.

It is expected that the notes will be gradually taken off the market and its circulation will eventually stop. The first hint of this was felt in 2018, when it was stated that demonetization by Modi would have been successful if the 2000 rupee notes did not exist.

It is common sense. Demonetization took out 500 and 1000 rupee notes from the market, stating that big denomination notes were resulting in corruption.

But Modi did one better, and introduced Rs. 2000 notes.

It seems now the RBI has purposely reduced the printing of 2000 rupee notes, or is simply printing them in small numbers at the present.

Soon after, the hashtag #DemonetizationDisaster began trending on Twitter. This is how Twitter reacted to it:

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What is your take on this?


 

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