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Demonetisation flip-flop: From scrapping Rs 1,000 note to relaunching to scrapping again

Time:2016-11-18 07:40Shoes websites Click:

From flip-flop again Demonetisation scrapping

The Narendra Modi government has already modified its demonetisation move more than 10 times ever since it was announced on November 8. But it has done multiple flip-flops as far as scrapping Rs 1,000 currency note is concerned.

While announcing the demonetisation step, Prime Minister Narendra Modi had clearly said Rs 500 and Rs 1000 denomination notes were being scrapped. He went on to say the RBI would print new Rs 500 and Rs 2,000 notes. It was clear that Rs 1,000 had been scrapped for good.

The opposition Congress had questioned PM Narendra Modi's announcement, asking how discontinuing Rs 1,000 and introducing new Rs 2,000 notes will check corruption.

READ: Rs 1000 note to return with more security features, new colour, says government

CONFUSION OVER Rs 1,000 NOTE

However, the very next day, Finance Minister Arun Jaitley and Economic Affairs Secretary Shaktikanta Das said the Rs 1,000 note had not been discontinued. It would return with enhanced security features and a different colour in a few months, they said.

Though the RBI introduced the new Rs 500 and Rs 2,000 currency notes, one was waiting for Rs 1,000 denomination notes to be launched in the market.

However, today, the Narendra Modi government did another volte face when Jaitley announced that "1,000 Rupee notes will not be reintroduced as of now".

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INCONSISTENCY BREEDS PROBLEM

By making this announcement, the government has returned to the original plan of discontinuing Rs 1,000 notes. But it has certainly raised a question mark over the government's inconsistency over a crucial issue.

People are already facing immense hardship in withdrawing cash from ATMs and getting their old currency notes exchanged from the banks. About 25 people have reportedly lost their lives while standing in serpentine queues to withdraw cash from ATMs in various parts of the country.

With limited cash available with them, the middle and lower middle classes are finding it extremely difficult to carry on their normal daily routine. The flip-flop over Rs 1,000 note has added to their woes.

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