New Delhi: Former economic affairs secretary S C Garg said that the Rs 2,000 notes were being hoarded and should be demonetised. Modi government had brought Rs 2000 denomination notes replacing older 500 and 1,000 notes, three years ago.
Economic Times noted Garg as saying “Cash is still quite high in the system. There is also stocking of Rs 2,000 notes in evidence.” He added that a good chunk of Rs 2,000 notes is actually not in circulation and are hoarded. Claiming that Rs 2,000 note is not presently working as a currency of transaction he advocated that they should either be banned or withdrawn from circulation.
Pitching for cashless transactions, Garg said making digital modes of payments conveniently available at all times and stopping cash handling in the government completely will help transition our country to less cash and to no cash economy.