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Rs 2,000 notes can be demonetized without disruption
Rs 2,000 notes can be demonetized without disruption

New Delhi, Nov 9 (IANS) Endorsing the estimates of Rs 2,000 notes shrinking in circulation, former department of economic affairs (DEA) secretary S.C. Garg has said that the high-value notes can be demonetised without causing any disruption.

He claimed that the Rs 2,000 notes may not have been in circulation much now as they have been hoarded by people.  “A good chunk of Rs 2,000 notes are actually not in circulation, having been hoarded. The Rs 2000 note, therefore, is not presently working as a currency of transaction,” Garg said.  The former IAS officer has, therefore, suggested to outlaw the high-value notes.  “A simple method, depositing these notes in the bank accounts (no counter replacement), can be used in managing the process,” the former bureaucrat said in a 72-page policy prescription for India to become $10 trillion by 2030.

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