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Former NITI Aayog Vice Chairman Arvind Panagariya said that the RBI’s decision will not have any ‘perceptible effect’ on the economy as any such notes returned will be replaced by either equivalent cash in lower denomination notes or a deposit. -- aaa
In a statement, the Reserve Bank of India said it has asked banks to stop issuing Rs 2,000 notes with immediate effect
The RBI has said that the Rs 2,000 note will be legal tender till September 30, 2023.
Demonetisation resulted in not only detection of black money but also increased tax collection and widened the tax base.
India too had faced a cash crunch following the government’s decision to ban Rs 500 and Rs 1,000 notes in November 2016.