Rs 2000 notes should be ‘phased out’: Sushil Modi in RS

India

oi-Deepika S

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The 2,000 rupee currency note along with a new 500 rupee note was introduced when the government overnight demonetised old 500 and 1000 rupee notes.

New Delhi, Dec 12: A demand to gradually phase out Rs 2,000 currency notes was made in the Rajya Sabha on Monday by BJP MP Sushil Kumar Modi saying citizens holding such banknotes should be given two years to exchange their holdings of the highest denomination notes.

Raising the issue through a zero-hour mention, he said 2,000 rupee notes have vanished from most ATMs in the country and there are rumours that they may not be legal tender soon.

BJP MP Sushil Kumar Modi

“The government has to clarify on this,” he said, adding the RBI stopped printing the 2,000 rupee currency notes 3 years back.

The 2,000 rupee currency note along with a new 500 rupee note was introduced when the government overnight demonetised old 500 and 1000 rupee notes.

“There was no logic of bringing a 2,000 rupee note when 1,000 rupee note circulation was stopped,” he said and went on to cite examples of developed nations that do not have currency notes of higher denomination.
He said 2,000 rupee notes are being hoarded and are often used in illegal trades such as that drugs, and money laundering.

The 2,000 rupee note – the highest currency denomination in the country – has become synonymous with black money, he said.

“The government should gradually phase out the 2,000 rupee note. Citizens should be given 2 years to exchange their holdings of the 2,000 rupee notes,” he said.

Meanwhile, Elamaram Kareen of CPM sought an extension of the compensation paid to states for revenue lost from the implementation of the Goods and Services Tax (GST) for another five years.

When the one-nation, one-tax, or GST was implemented on July 1, 2017, by subsuming 17 levies, including excise duty and VAT, a cess was levied on sin and luxury goods. Collection from this was used to pay states for any revenue they lost. That compensation mechanism ended on June 30, 2022.

Kareem said Covid led to a substantial slowdown in the economy. Expenses rose and revenues fell, creating an imbalance, he said, adding the Union Government should consider the request of Kerala and other states for extending the compensation cess for another 5 years.

V Vijaysai Reddy (YSRCP) demanded a ban on instant loan mobile apps as they not just trigger a cycle of blackmail and exhortation but also violate privacy by gaining access to sensitive personal information on mobile phones.
The majority of such apps, he said, were operating out of China and the government must crack down on them.
In case of a delay or default in repayments, the borrower ends up paying much more than he or she signed for, he said.

Such apps should be banned, their developers and promoters punished and strict laws around the privacy of phone data are formulated, he said.

V Sivadasan (CPM) raised the issue of over 10 lakh vacancies in government departments.

Of the vacancies in government departments, 8 lakh Group C posts are laying vacant, he said.

Besides, there are 2.26 lakh vacant positions in the railways and 1.31 vacancies in the Army, he said demanding the filling up of all vacancies as soon as possible.

Also, Pabitra Margherita (BJP) demanded that tea be declared a national drink or beverage of the country as it is consumed in every nook and corner of the country.

He also sought central government support for the 200-year celebration of Assam tea next year and a special package for the 50 lakh tea workers.

M Shanmugam (DMK) wanted minimum support price (MSP) for tea, while Javed Ali Khan (SP) raised the issue of disbanding of students union and teachers association as well as 8,000-capacity hostel being locked up in the national capital’s Jamia Millia Islamia.


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