Move To Withdraw Rs 2,000 Notes 2nd Surgical Strike On Black Money: Sushil Modi

The facility for exchange of Rs 2,000 banknotes shall be provided to all members of the public by all banks through their branches.

PATNA: Welcoming the announcement of the Reserve Bank of India to withdraw Rs 2,000 banknotes from circulation, Rajya Sabha MP and senior BJP leader Sushil Kumar Modi on Friday termed the move a "second surgical strike on black money". "I had raised this point in the Rajya Sabha to withdraw the currency notes in the denomination of Rs 2,000, and I thank Prime Minister Narendra Modi for it. It is a second surgical strike on the black money," Sushil Modi said.

"The fresh move by the RBI is not a demonetization but it is a change of currency notes. The printing of Rs 2000 currency notes was stopped in 2018. Hence, it was removed from the market," he said. The Bharatiya Janata Party (BJP) leader further said: "When the demonetisation took place in 2016, Rs 500 and Rs 1,000 denomination currency notes were taken out of circulation. At that time, Rs 2,000 denomination notes were printed to give quick relief to people of the country. The printing of Rs 2,000 currency note took less time compared to the printing of fresh currency notes of Rs 500 and Rs 1,000."

"The people of the country can change Rs 2000 currency notes easily in banks," he added. Announcing the decision to withdraw Rs 2,000 denomination notes from circulation, the Reserve Bank of India (RBI) has asked banks not to issue such notes with immediate effect.

The central bank has also said the ATMs/Cash Recylers to be reconfigured accordingly. It said banks may exchange Rs 2,000 banknotes up to a limit of Rs 20,000 (10 notes per account holder) at a time from an account holder so that the inconvenience to the public is minimised.

The facility for exchange of Rs 2,000 banknotes shall be provided to all members of the public by all banks through their branches. The RBI has given banks till May 23 to get ready to exchange the Rs 2,000 notes while deposits of the notes are accepted in usual manner.