Repeat of demonetisation.

"The Reserve Bank of India (RBI) has decided to withdraw the Rs 2000 denomination banknotes from circulation. But existing notes will continue to be legal tender, RBI announced." TIE. This sudden announcement sent a shiver of apprehension down our spines, as memories of standing in queues in front of banks for hours to exchange our Rs 1000 and Rs 500 notes, which were suddenly rendered useless with 4 hours notice, on 8 November 2016. wikipedia. The RBI stopped printing the Rs 2000 notes in 2018-19 anyway. There was no need for this policy because, "as of March 2017, the Rs 2,000 notes formed a little over 50% of the total currency in circulation in value terms. This had come down to just 10.8% by March 2023," wrote Vivek Kaul. The RBI could have instructed banks not to re-issue any of these notes deposited by customers and send them back to the RBI for destruction, just as they do with soiled notes. The excuse of eliminating black money does not wash. "On average, currency typically formed less than 5% of the total undisclosed wealth identified," according to the 2102 White Paper on Black Money by the Central Board of Direct Taxes. "Take the case of Nigeria, which is one of the most corrupt countries in the world. It also has one of the lowest ratios of currency in circulation." "On May 16, GoI (government of India) announced it would impose a TCS (tax collected at source) of 20% on international credit and debit card transactions made by Indians on foreign travels from July 1, 2023," wrote Prof Rajeswari Sengupta. And, "it seems ironic that these announcements were made when the country is trying to internationalise its currency, for example, for using it to trade with other countries. An important prerequisite for a currency to become international is people having confidence in it." "Even if 80% of people legitimately store this money in Rs 2,000 notes, they are likely to store only 20% of the overall value. Now, 20% of those who store the money in Rs 2,000 are possibly hoarders, accounting for 80% of the value of Rs 3 lakh crore (Rs 3 trillion)," wrote KV Subramanian, Executive Director, IMF. This is pure conjecture without any evidence. "Subramanian taught at the Goizueta Business School at Emory University in the United States of America from 2005 to 2010." wikipedia. If he was a tenured professor why did he return to India? Or, did he not receive tenure? So, who benefits from this latest assault on our currency? The government and the rich, as usual. "Bulk borrowing rates for the government and corporates are set to reduce in the short term as the central bank move to withdraw India's highest denomination banknotes of Rs 2,000 from the markets is expected to boost banking system liquidity." ET. A total of Rs 500 billion to Rs 1 trillion is expected to be deposited in banks. The rich are merely using these notes instead of their cards as they do their shopping. asiaone.com. Currency is wealth. Degrading it will not make India rich.