Modi Does Not Care For Naidu’s Idea

The Topic of Black Money is back once again with the recent Income Declaration Scheme. Andhra Pradesh Chief Minister Chandrababu Naidu who is a strong advocate of banning 1000 and 500 notes to prevent hoarding of black money came up with the suggestion once again to the Central government. The state government is also thinking on the lines to pass a resolution to ban such notes in the assembly.

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But then, Prime Minister Narendra Modi seem to be not interested in the idea which was also endorsed by many economists. Reserve Bank of India has readied 2000 Denomination currency notes. The notes have already been printed, and their despatch from the currency printing press in Mysuru has commenced.

The highest denomination note printed by the Reserve Bank of India was the ₹10,000 note in 1938 and in 1954. They were demonetised in 1946 and 1978, respectively. As of now, 1000 denomination note is the highest and it will be displaced by 2000 note very soon. This will come as a boon to Black Money Holders as storing the bigger denomination is more easy.