Union govt. has rectified its mistake after 7 years, says Chidambaram on withdrawal of ₹2,000 currency

The former Finance Minister said the Congress had vehemently opposed the introduction of the ₹2000 currency notes

P. Chidambaram said introducing ₹2000 currency notes was not only a mistake, but also a hasty move. File | Photo Credit: M. Vedhan

Veteran Congress leader and former Union Finance Minister P. Chidambaram on Sunday said he was happy that the BJP government at the Centre has withdrawn the ₹2000 denomination currency notes from circulation at least now.

Speaking to reporters in Karaikudi, he said the Congress had vehemently opposed the introduction of the ₹2000 currency notes then. Not listening to the observations of the Opposition, the BJP government went ahead with it stating that it was a move to curb the black money, he said.

The former FM further added that the government claimed that black money was in the denominations of ₹500 and ₹1000 and that they withdrew the denominations from circulation in 2016. Hence, they introduced ₹2000 currency notes. This was not only a mistake, but also a hasty move.

After a very short period, the Union government re-introduced new ₹500 currency realising that the people rejected or did not use ₹2000 currency notes in the markets. “I am sure and will not be surprised if the Centre re-introduced new Rs 1000 currency notes,” the former FM said and lamented that the government’s decisions had only confused the common man.

The Congress had insisted that it was a mistake to have withdrawn ₹500 from circulation then, Mr. Chidambaram said and added that instead of accepting that it was a hasty decision by the BJP to have introduced the ₹2000, they have now took it off from circulation. This is nothing but “Tuglak darbar”, he said.

Rajiv Gandhi remembered

Earlier, Mr. Chidambaram garlanded a statue of late Prime Minister Rajiv Gandhi in Karaikudi marking the death anniversary and also inaugurated a blood donation camp organised by the Congress unit. A large number of public and Congress cadre donated blood and garlanded the portrait of Mr. Gandhi in the town.

Things to keep in mind while exchanging a ₹2,000 note

1. It is not compulsory for someone to be the customer of a bank to get a ₹2,000 note exchanged.

2. A non-account holder can exchange ₹2,000 notes up to ₹20,000 at a time at any bank branch.

3. RBI confirms that people do not have to pay any extra fee to exchange the note.

4. A bank may require you to fill a ‘Request Slip’ to facilitate the exchange.

5. A ‘Request Slip’ may require an identification card to be provided. Aadhaar cards, Driving licenses, Voter ID cards, Passports, NREGA cards, and Population Registers can be provided for the same.

Note: SBI will neither ask customers to fill a request slip, nor provide an identification card.