The Congress on May 23 alleged that the move to withdraw ₹2,000 currency notes will end up facilitating those who hoard black money and reiterated its demand for a white paper on the demonetisation exercise.
“We demand a white paper on why ₹2,000 notes were introduced and who all were saying that all black money will finish. Why was the decision to take back ₹2,000 notes made? We demand a composite white paper on this biggest loot in independent India,” said Congress spokesperson Gourav Vallabh at a press conference.
“We want to ask the government that on the eighth anniversary of note ban, who were the people who had suggested the introduction of ₹2,000 notes in the first place and why these notes were brought in,” he added.
Mr. Vallabh said as on March 31, 2023, there were a total of 181 crore ₹2,000 currency notes in circulation totalling ₹3.62 lakh crore. The sudden decision, he said, will once again put the unorganised sector under stress. He said six crore micro, small and medium enterprises (MSMEs) and 11 crore farmers will have to “stand in line” for exchanging the few ₹2,000 notes they might have.
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“The majority of this ₹3.62 lakh crore is with the keepers of black money. Now to exchange ₹2,000 notes, no identity proof or forms will be required by banks. So, a royal welcome is being given to keepers of black money to exchange their ₹2,000 denomination notes by the Modi government,” alleged the Congress spokesperson.
The Congress leader claimed bank credit growth will have an adverse impact, discretionary consumer demand will also fall, goods and services tax (GST) collection will be lower and that, in turn, will impact social sector spending by the government. “In the long term, it affects the credibility and acceptability of our currency,” he said.
