News in Behind The News
Issue ₹ 200 notes to stop to stop inconvenience
Only Kashmir | Subhash Chandra Agrawal | 04 Dec 2016
With the cancellation of ₹ 1000 notes and as an aspect of inconvenience to the general public and the gap between denominations of ₹100 and rupees 500 is too large which must be covered by issuing of ₹ 200 notes.
Internationally accepted system for minting coins and printing currency-notes in a series of 1-2-5 has unfortunately not been strictly followed in India either before or after demonetization of currency-notes on 08.11.2016, which has been an aspect of inconvenience to the general public and even a significant factor for inflation.
The gap between denominations of rupees 100 and rupees 500 is too large, and must be covered by issue of 200-rupees notes. Likewise since it has been finally decided that 1000-rupees notes will not be issued, there is no logic in further printing of 2000-rupees notes because of the similar factor of a big gap between 500-rupees and 2000-rupees notes. It is significant that for same logic, 2-rupees coins was issued much later after India adopted metric system of the rupee and (new) paise replacing earlier rupee-anna-(old) paise system long back in the year 1957.
Practically speaking there are no takers of rupees-2000 notes in usual marketing ever since these were issued after demonetization on 08.11.2016. Media-reports confirm that these 2000-rupees notes have soon started being used for corruption and parking black money even in present post-demonetization currency-crunch when rules even did not allow complete packs of 100 numbers of 2000-rupees notes to be given on exchange or withdrawal.
Department of Economic Affairs and Reserve Bank of India (RBI) should soon announce issue of 200-rupees notes and be discontinuing any further printing of 2000-rupees notes also as per widely accepted international practice in respect of denominations of notes and coins.
Subhash Chandra Agrawal is Guinness Record Holder & RTI Activist