India recently decided to withdraw all Rs 2000 banknotes from the market. It is interesting how India keeps on doing this, and people continue to suffer. However, the action could have been taken to counter black money and improve the economy. The 2,000 rupee note was introduced in 2016 following the sudden withdrawal of the 500 and 1,000 rupee denominations by the government led by Narendra Modi.
The other important thing is that no one will be using Rs 2000 from now on. However, many people have not been using Rs 2000 for daily transactions since its inception. One user from India writes, “No one likes to use the 2000 note in daily transactions.” Analyzing the event from another point of view, some citizens also blame the government for injecting new black money into the market.
Although the RBI cites that the Rs 2000 note will be legal until 30th September, there already exists a notion among people to withdraw it from now. There’s a strong sentiment in the market that the government’s decision is irresponsible. “With the high-value currency invalidated, only the BJP had access to loads of cash to be used in the elections,” one user writes on their social media profile.
Like in the past, there is a negative sentiment among most users. If they really had to ban it, they should not have made it available for use in the first place. One of the things is that the Modi government has become unpredictable, and it is the poor people who continue to suffer.
Time and again, the primary question from most users is “Was the 2000 currency in circulation?” and “Why was it printed in the first place?” Since the elections are approaching in India, the government indeed needs cash. However, this is never a proud moment. It is also worth noting that the value of India’s defence production has crossed more than 1 lakh crore, an insurmountable amount. Now, for a week, there will be a frenzy, and new headlines will be popping up.