Wednesday, April 24, 2024

NITI Aayog VC: No Perceptible Effect on Economy from Rs 2,000 Note Withdrawal

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In response to the recent decision by the Reserve Bank of India (RBI) to withdraw the Rs 2,000 note, the Vice Chairman of NITI Aayog has stated that there will be no significant impact on the economy. The move, aimed at addressing issues related to black money and counterfeit currency, is not expected to cause any noticeable disruptions to India’s economic landscape.

According to the Vice Chairman, the withdrawal of the Rs 2,000 note will not result in any perceptible effect on the economy. While the decision is aimed at curbing black money and countering counterfeit currency, the overall economic impact is expected to be minimal. The economy has shown resilience in adapting to various policy changes in the past, and this move is unlikely to be an exception.

It is important to note that the Rs 2,000 note constitutes a relatively small portion of the total currency in circulation. Other denominations will continue to serve as viable means of transaction, ensuring that the economy functions smoothly. The government and the RBI are also expected to ensure the availability of alternative denominations to prevent any inconvenience to the public.

The Vice Chairman emphasized that the withdrawal of the Rs 2,000 note aligns with the government’s larger agenda of promoting digital transactions and reducing the reliance on cash. The move is expected to encourage the use of digital payment methods, further advancing financial inclusion and efficiency.

While there may be some temporary adjustments required, the Vice Chairman expressed confidence in the ability of businesses and individuals to adapt to the change. He highlighted that the focus should be on the long-term benefits of this decision, including enhanced transparency, accountability, and the promotion of a cashless economy.

In conclusion, the Vice Chairman of NITI Aayog has downplayed the potential impact of the RBI’s decision to withdraw the Rs 2,000 note on the economy. With the government’s concerted efforts to ensure a smooth transition and the availability of alternative denominations, the withdrawal is expected to have a limited effect. The move reinforces the broader goal of promoting digital transactions and addressing issues related to black money and counterfeit currency.

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