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‘PM Modi was never in favour of Rs2,000 notes’, says Ex-Principal Secretary Nripendra Misra

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Former Principal Secretary to Prime Minister Narendra Modi, Nripendra Misra told ANI that PM Modi was not in favour of ₹2,000 notes coming into circulation but he reluctantly agreed to it after he was told that the demonetisation has to be done in a limited time and there was a lack of capacity to print smaller currency notes.

In an exclusive interview with ANI Misra said, “PM Modi was not at all in favour of ₹2,000 notes. But, as demonetisation was to be done in a limited time, he gave reluctant permission for it…PM never considered ₹2000 note as note of the poor, he knew Rs 2,000 (note) has hoarding value instead of transactional value.”

He also added that PM Modi was not in favour of currency notes being printed outside the country.

“In the period that the (demonetised) notes were to be deposited and new notes brought out, the capacity to print (new notes) was less and the option was to bring ₹2,000 note. The team that was working made the proposal that ₹2,000 notes will have to be printed in the wake of limited time. The Prime Minister was not at all enthused,” Misra said.

Explaining it further he said PM Modi felt that the effort was to tackle black money and if a bigger denomination note comes then the capacity to hoard will increase. Misra said the PM felt that ₹2,000 is not for the common man and can somewhere contribute to hoarding if it is not deposited in banks.

“When he was told about the capacity to print currency notes, and that even if two-three shifts are held, the target cannot be met..the only alternative left was to print ₹2,000 note for a limited period…the Prime Minister, in principle, was against it but for practical considerations, he reluctantly agreed. There was not an iota of doubt in his mind that when there is adequate capacity in the future, the ₹2,000 note should be discontinued,” Misra said.

Misra further stated that ₹2,000 notes were not being printed since 2018 and Reserve Bank of India has also not been bringing back to circulation “soiled” ₹2,000 notes that came to it from banks.


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