The withdrawal of Rs 2,000 banknotes is likely to be a non-event as India has adopted digital payments on a mass scale, said SBI Research in its latest Ecowrap.
Prime Minister Narendra Modi was not in favour of Rs 2000 notes coming into circulation but reluctantly agreed to it after he was told that there was a lack of capacity to print smaller currency notes as demonetisation has to be done in a limited time, Nripendra Misra, former Principal Se
The Governor said this Rs 2000 note was primarily issued to replenish money, taken out from the system during the demonetisation of Rs 500 notes and Rs 1,000 notes.
Commenting on the withdrawal AAP lawmaker Sanjeev Arora said, "Withdrawal of these banknotes is a disruption of the economy. Withdrawal of currency notes at regular intervals doesn't give a positive outlook of the economy in the eyes of investors and other countries."
West Bengal Chief Minister Mamata Banerjee on Friday hit out at the government after the Reserve Bank of India notified to withdraw Rs 2,000 denomination banknotes from circulation and termed it "billion dollar dhoka" urging people not forgive those responsible for such a move.
RBI on Friday announced that it has decided to withdraw the Rs 2,000 denomination banknotes from circulation but they will continue to remain legal tender.
The Reserve Bank of India has decided to withdraw the Rs 2000 denomination banknotes from circulation but they will continue to remain as legal tender.
Lashing out at the Narendra Modi government at the Centre on Monday, Congress leader and former Rajasthan deputy chief minister Sachin Pilot said it has failed to fulfill the promises made to farmers and has, in fact, put them under severe stress through demonetisation and Goods and Services
Naqvi said constructive, conducive and calculated economic reforms and decisions have proved to be a milestone in ensuring the country's economic, social and strategic security.
Tamil Nadu Governor RN Ravi on Tuesday said state disputes should be resolved through peaceful dialogue as aggressive political inputs can only create problems.