Why Not Ban all Denominations Above 500 Rupees?

While I welcome the ban on the existing Rs. 500 & Rs. 1000 rupee notes by the Govt of India as I think this move will bring accountability to cash transactions in the future, I am not sure why NEW Rs. 2000 notes are needed?

Chandrababu Naidu is right. We need to rethink if higher denomination currencies are needed.

A new Rs. 2000 currency note will make it easier for people who want to indulge in corruption and black money hoarding. No?

Why not abolish 1000 and 2000 rupee denominations altogether?

BTW, here is the RBI’s Frequently Asked Questions (and Answers) on depositing/exchanging your old currency notes. And here is a useful graphic that explains it in short.

 

All u need to know to exchange old 500, 1000 notes to new 500, 2000 notes.. Where, when, Id required, Limit etc., #IndiaFightsCorruption pic.twitter.com/KvIXrshhgA

— Ramesh Bala (@rameshlaus) November 9, 2016

 

Destination Infinity

BTW, there is a rumour going around that the new Rs. 2000 notes will have nano-GPS tracking enabled. Interesting rumour, don’t you think?

And I am not sure how they are going to manage the operational hassles of such a large project, esp. given the inefficiencies of our system.

What do you all think about this bold move?