Rs.2,000 note may be phased out


thestatesman.com reports:

In order to curb fresh generation of black money, the Central government is preparing to gradually phase out the new Rs.2,000 note. The government is also preparing to bring in laws to take penal action against hoarders of the new Rs.2,000 note, according to people in the know of the development.

"The idea behind introduction of the high denomination Rs 2,000 currency was to quickly remonetise the economy with the value in circulation. There is a strong push for a clean economy, towards less-cash economy and putting an end to the parallel black economy,” they told The Statesman.


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