Key Points
In a long tweet posted on Saturday, Krishnamurthy Subramanian said, "As we have seen in several raids, where mountains of currency stored using the Rs 2000 note were uncovered, all these instances of hoarding of cash involved Rs 2000 notes..
As the use of the Rs 2000 note as a medium of exchange has declined significantly, it is being used primarily to hoard money."..
Former Chief Economic Advisor Krishnamurthy Subramanian on Saturday said the withdrawal of Rs 2,000 currency note by the Reserve Bank of India would help to ferret out a substantive part of the Rs 3.6 lakh crore of currency in circulation (CiC) in Rs 2,000 notes, currently...
Fourthly he said, "Digital transactions are expected to multiply 3x (three times) from now to 2026 (BCG report), thereby minimising the need for the Rs 2000 note as a medium of exchange even more in coming years."..
Lastly, he said, "Most importantly, as RBI (Reserve Bank of India) has said that the Rs 2000 note will continue to be legal tender (even beyond 30-Sep-2023 is my current understanding though RBI may need to clarify this), genuine folks holding the Rs 2000 note can exchange even beyond 30-Sep-2023."..
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