500 Rupee Notes: Demonetization will happen again! Demand to ban 500 rupee notes increased the stir, big news came out

The demonetisation of 2016 is considered a turning point in history to curb black money and corruption in the country. Now once again the voices for banning 500 rupee notes have become louder. This demand has not only heated up the political atmosphere but has also created a stir in the economy. Know why the talk of demonetisation is being raised again and what effects it can have.

Andhra Pradesh Chief Minister N. Chandrababu Naidu has once again put forward a bold suggestion towards financial transparency and corruption-free system in the country. He has appealed to take out notes of 500 and above from circulation. He believes that by removing high value notes, the country can be taken towards completely digital transactions, which will not only curb corruption but will also make the economy more transparent.

Demand for digital revolution from 'Mahanadu' platform

Speaking at the three-day annual convention of the Telugu Desam Party 'Mahanadu Sabha', Naidu not only called for demonetisation of Rs 500 and Rs 2,000 notes but also called for adopting digital payments. He said the time had come to bring the country out of its dependence on cash.

Digital currency report was already given to PM

Naidu said that he had earlier submitted a report on digital currency to Prime Minister Narendra Modi and suggested that if needed, printing of 500, 1000 and 2000 rupee notes should be completely stopped. This will not only control black money, but will also make it easier to track every transaction.

QR code donation example

Giving an interesting example, Naidu said that now QR codes are being used for donations received by the party. Earlier, donating was a long process, but now money is being transferred with a scan. In such a situation, the relevance of high value notes has ended.

Support sought from public too

In the conference, Naidu asked the workers and supporters present to support his proposal by raising their hands and clapping. He said that such a change is possible only with the support of the public.

New rule for ATM withdrawal

Meanwhile, the Reserve Bank of India (RBI) has also issued a new guideline regarding cash system. Now all banks and white label ATM operators will have to ensure that Rs 100 and Rs 200 notes are available in their ATMs. A time limit has also been set for this -

• By September 30, 2025, 75% of ATMs should have at least one cassette filled with Rs 100 or Rs 200 notes.
• The target has been set to increase this figure to 90% by March 31, 2026 .

This step of RBI has also been taken to promote small value currency and for the convenience of common citizens.

At the same time, let us tell you that in the year 2016, India took a big and shocking step in economic history - demonetization. The central government suddenly declared old notes of 500 and 1000 rupees illegal. Its purpose was to curb black money, corruption and counterfeit currency. After this, in May 2023, 2000 rupees notes were also gradually taken out of circulation.

This step was described as a "big blow to corruption" and was considered one of the biggest experiments in the country's currency system. However, experts are still divided on the economic impact of this decision. Some call it a bold reform, while many consider it a step that will hinder economic activities and cause trouble for the common man.

The threat of counterfeit notes still persists

One of the main objectives of demonetization was to eliminate counterfeit notes, but the latest data from RBI shows that the number of counterfeit notes, especially of Rs 500, has increased steadily in the last few years. It is a matter of concern that the threat to prevent which a tough step like demonetization was taken, still remains a challenge to the financial security of the country.

PC:Punjab Kesari