Today on 8th November 2016, PM Modi declared that notes of ₹500 and ₹1000 will not be considered legal tender and replaced them with new notes of ₹500 and ₹2,000. Here is a new input embedding and creating a buzz that new ₹2,000 notes can be demonetized soon.
Ex-Finance Secretary Subhash Garg wrote in a blog that “A good chunk of Rs 2,000 notes are actually not in circulation, having been hoarded. Rs 2,000 note, therefore, is not presently working as a currency of the transaction. It can be demonetized, without causing any disruption.”
Hoarding of the biggest currency of a country leads to slow down the pace of economic growth. Modi government goal to achieve $5 trillion economies by 2024 and $10 trillion economy by 2030, so that people of India can live a happy and prosperous life. It seems impossible with the excess stocking of ₹2,000 notes.
Mr. Garg further suggested depositing these notes in banks without any counter replacement.