‘Who kept ₹2,000 and used them?’: Chidambaram says BJP’s spin demolished.

As the State Bank of India clarified that no ID proof and forms will be required to exchange 2,000 notes, former finance minister P Chidambaram on Monday asked how the withdrawal of the 2,000 notes from circulation then help unearth ‘black money’. “Ordinary people do not have 2000 notes. They shunned it soon after it was introduced in 2016. They were useless for daily retail exchange. So who kept the 2,000 notes and used them? You know the answer,” the senior Congress leader tweeted.

If there is no ID proof required and no forms need to be filled, then anyone who has been hoarding ‘black money’ can exchange them without coming on the radar is what Chidambaram questioned. “The BJP’s spin that the 2000 notes are being withdrawn to unearth black money stands demolished,” Chidambaram said.

“The keepers of 2000 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 2000 note was a foolish move in 2016. I am glad that the foolish move is being withdrawn at least 7 years later,” Chidambaram added.

Confusion prevails over the withdrawal of the 2,000 notes as many shops are not accepting the notes after the RBI on Friday announced the withdrawal of the 2,000 notes for circulation. The Reserve Bank of India clarified that 2,000 will remain legal tender and urged people to deposit their notes or exchange them by September 30. The State Bank of India said customers can exchange 10 notes of 2,000 at a time in the bank without ID proof or filling any form. There is no restriction on depositing the notes in higher amounts in bank accounts after following KYC norms.

Petrol pumps have suddenly seen an uptick in cash transactions as people are using their 2,000 notes.

Confusion, criticism over the withdrawal of 2,000 notes

The withdrawal of the 2,000 notes seven years after they were introduced came under heavy criticism by the opposition leaders while BJP leaders defended the move. Former chief economic adviser K Subramanian said the move will not affect the common people as they do not have 2,000 and will check the hoarding of black money. PM Modi’s former principal secretary Nripendra Mishra said PM Modi never liked 2,000 notes as they are not suitable for daily use.

“The 2000 note was a band-aid to cover up the foolish decision of demonetising 500 and 1000

notes which were popular and widely exchanged currencies. A few weeks after Demonetisation, the government/RBI were forced to re-introduce the 500 note. I shall not be surprised if the government/RBI re-introduced the 1000 note as well. Demonetisation has come full circle!” Chidambaram said earlier

Source- Hindustan Times.

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