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Last month, the Reserve Bank of India (RBI) said it would withdraw Rs 2000 notes from circulation and permitted their exchange or deposit until September 30
Behind the introduction of new rituals and a new object is an absence of clarity or direction and the presence of theatre passing itself off as traditionalism.
Should an autonomous institution like the RBI – willingly or otherwise – allow itself to be seen as part of a political chess game?
Dedicated counters have been set up at banks, anticipating a rush to swap Rs 2,000 notes for smaller denominations.The Reserve Bank of India said that the process of swapping the Rs 2,000 notes, which will remain legal tender will begin Tuesday, May 23. The process will continue till the end of September.
The RBI appears to admit, without any embarrassment whatsoever, that once the purpose of inflating the value of currency in circulation has been served, there is no further need for the denomination.