Bhopal: RBI’s move to withdraw Rs 2000 currency notes evokes mixed response

Bhopal (Madhya Pradesh): The Reserve Bank of India (RBI) has decided to withdraw Rs 2,000 denomination banknotes from circulation. It also asked all to deposit or exchange them by September 30, 2023. The Rs 2,000 notes, will continue to be legal tender, the central bank stated.

The RBI’s move has revoked mixed response in Bhopal. A section of traders said that it would not impact trade and economy as most people make payment through digital mode. However, other section of businessmen said it would ruin trade and business leading to unemployment in the country. Excerpts of reactions

Good move

Bhopal Chamber of Commerce of Industries general secretary Ajay Devnani said: “It is a good step toward digitisation of currency. Most people use digital mode or currencies in denomination of Rs 500 and Rs 200 and not Rs 2,000. So, RBI’s move will not have adverse impact on business and economy.”

Cause unemployment

Confederation of All India Traders president Bhupendra Jain said: “Frequent change in status of currency notes ruins business and trade leading to unemployment in the country. In first phase of demonetisation, business was ruined on a large scale and same will happen this time. Government gets GST irrespective. But trade and business are ruined.”

5 trillion dollar economy

Kalpataru Multiplier Limited MD Aditya Manya Jain said: “It is move to make India 5 trillion dollar economy of the country. Mostly, market is run through digital payment. Even street vendors have bar code on kiosks and public pay through digital mode. So, this move will not have any adverse impact on economy or trade. We welcome it.”

If limitation is lifted..

Akhil Bharatiya Vypar Mahasangh general secretary Anupam Agrawal said: “For exchange of currency, limit of 20 currency notes at a time is ok. But for deposit, there should not be any limit. Businessmen receive heavy flow of currencies, which they have to deposit in their bank accounts. If limitation of 20 notes is lifted, it will be easy for business men to deposit money.”