Economy & Business

    Rs 2,000 notes withdrawal will help curb black money to 'great extent': Former RBI DG

    The Hawk
    May19/ 2023

    Mumbai: People are hoarding Rs 2,000 bank notes, therefore former Reserve Bank Deputy Governor R Gandhi stated Friday that their withdrawal will help in combating black money to a "great extent."

    Since these notes are not utilised in regular payments, which are typically processed digitally, Gandhi, who oversaw the currency department during the 2016 demonetisation, told that a systemic impact on payments is doubtful.

    However, the Rs 20,000 restriction on a single exchange transaction may cause "operational inconvenience" because some consumers may have to make numerous visits to a bank office in order to exchange the Rs 2,000 notes for bills of other denominations.—Inputs from Agencies