RBI to withdraw Rs. 2000 notes from circulation; details here
Mumbai: In a significant move, the Reserve Bank of India (RBI) has announced the immediate discontinuation of printing new ₹2000 denomination banknotes. However, it has clarified that the existing ₹2000 banknotes will continue to be recognized as legal tender.
The introduction of ₹2000 banknotes in November 2016 was aimed at swiftly fulfilling the currency requirements of the economy after the withdrawal of ₹500 and ₹1000 banknotes. With the circulation of banknotes in other denominations improving over time, the original purpose of introducing the ₹2000 banknote has been successfully achieved, leading to its printing being halted in 2018-19.
The RBI's decision to withdraw ₹2000 banknotes from circulation aligns with its "Clean Note Policy." Despite this, individuals can still use these banknotes for transactions as they will remain legal tender, said RBI in its press release.
To ensure convenience and minimize disruptions at bank branches, the exchange of ₹2000 banknotes for banknotes of other denominations will be limited to ₹20,000 at a time, effective from May 23, 2023. Banks have been instructed to provide deposit and exchange facilities for ₹2000 banknotes until September 30, 2023.
Furthermore, the RBI's 19 Regional Offices with Issue Departments will facilitate the exchange of ₹2000 banknotes up to the limit of ₹20,000 at a time, starting from May 23, 2023.
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Sujit Nair raises concerns over speculation of DMK-AIADMK understanding to block TVK
Chennai: Journalist and political commentator Sujit Nair has expressed concern over speculation that the Dravida Munnetra Kazhagam and the All India Anna Dravida Munnetra Kazhagam could explore a post-poll understanding to prevent Vijay-led Tamilaga Vettri Kazhagam from forming the government in Tamil Nadu.
In a social media post, Sujit Nair said the election verdict in Tamil Nadu reflected a clear public demand for political change and argued that the mandate should be respected irrespective of political preferences.
Referring to reports and political discussions surrounding a possible understanding between the DMK and AIADMK, he said he hoped such developments remained only speculative conversations and did not turn into reality.
Nair stated that if such an alliance were to take shape, it would raise serious questions about ideological politics in the country. He said TVK had emerged through a democratic electoral process and that the legitimacy to govern in a parliamentary democracy comes from the people’s verdict.
According to him, attempts to prevent an electoral winner from forming the government through unexpected political arrangements may be constitutionally valid, but many people could view them as politically opportunistic.
He further said that such a move could particularly affect the political image of the DMK, which has historically projected itself around ideology, social justice and opposition politics. Nair said that in ideological terms, the DMK appeared closer to TVK than to the AIADMK, and joining hands with its long-time political rival only to remain in power could weaken its broader political narrative.
He added that the same questions would apply to the AIADMK as well, as the party had spent decades positioning itself against the DMK and such an arrangement could create discomfort among its cadre and supporters.
Drawing a comparison with Maharashtra politics in 2019, Nair said he had expressed similar views when the Shiv Sena formed an alliance with the Indian National Congress and the Nationalist Congress Party after the Assembly elections.
He said post-poll alliances between long-standing political rivals often create a public perception that ideology and electoral mandates become secondary when political power equations come into play.
Nair also said such developments increase public cynicism towards politics and reinforce the belief among voters that ideology is often sidelined after elections.
He maintained that the Tamil Nadu verdict was emphatic and said respecting both the spirit and substance of the mandate was important for the credibility of democratic politics.
