The last vestige of demonetization: A path to death marked with pink notes | OPINION
The banknotes of the denomination Rs 2000 have been destined for dusty demise. The pink Rs. 2000 notes are not being instantly visible destroyed like the 2016 note ban.
Public faith in it will be destroyed by calls for its withdrawal. A colleague in Business Today referred to the “move” as “withdrawal 1.0” on the day the Reserve Bank of India (RBI) announced it, while the Opposition referred to it as “demonetization 2.0.”
I like to call it ‘Note boycott Conclusion 1.0’. But first, the specifics of the exercise that the central bank started. The note ban of 2016 did not bring an end to many bad habits in India, such as the use of black money, but it did start some good ones, like using more digital payment methods.
The way and tone of withdrawal of Rs 2000 notes demonstrate that the public authority and the RBI have gained examples from the note boycott of 8 November 2016 and the injury that followed not for quite a long time but rather over a year.