Rs 2,000 note should be phased out because it has become synonymous with black money !

• BJP MP Sushil Kumar Modi demands
• Phase out Rs 2,000 notes

(Left side) BJP MP Sushil Kumar Modi     (Image credit : Business Today)

New Delhi – While demanding Rs 2,000 note to be phased out, BJP MP Sushil Kumar Modi questioned, when developed nations like the USA, China, Japan do not have currency notes of higher denomination, why does India need Rs 2,000 note ? He added that when the circulation of Rs 1,000 notes has been stopped, there is no need for Rs 2,000 notes. BJP MP Sushil Kumar Modi claimed at  Rajya Sabha that Rs 2,000 note has become synonymous with black money and demanded to phase out Rs 2,000 notes.

(Credit : Business Today)

1. Sushil Modi said, “The Government should gradually phase out the 2,000 rupee note. Citizens should be given 2 years to exchange their holdings of the Rs 2,000 notes.”

A demand to gradually phase out Rs 2,000 currency notes was made in the Rajya Sabha on Monday by BJP MP Sushil Kumar Modi saying citizens holding such banknotes should be given two years to exchange their holdings

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2. The new Rs 500 and Rs 2,000 notes were introduced after PM Modi decided to demonetise on 8th November 2016 to eradicate black money. According to the information provided by the Government, the Reserve Bank of India has stopped printing Rs 2,000 notes for some time.