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James Wilson Dec 6, 2019

No, Rs 2000 notes will not be scrapped and replaced with new Rs 1000 notes!

My further comments on this rumour busted by @[email protected]

https://www.altnews.in/no-rs-2000-notes-will-not-be-scrapped-and-replaced-with-new-rs-1000-notes/

No, Rs 2000 notes will not be scrapped and replaced with new Rs 1000 notes - Alt News

Is the Reserve Bank of India (RBI) withdrawing the Rs.2000 note from December 31, 2019? Will a new Rs.1000 note be introduced by the Central bank from January 1, 2020? According to a message which has gone viral on social media and messaging platforms, the RBI is all set to introduce these …

Alt News

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James Wilson Dec 6, 2019

First of all as per RBI latest Annual Report there are 3291 million Rs.2000 notes on circulation.

To replace the same RBI has to print 6582 million Rs.1000 notes!

Now examine its practical side!

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James Wilson Dec 6, 2019

As per the capacity of our currency printing presses, if all of them has to run non-stop, it will take 100 days!

But their endurance is tested during demonetisation and I can say it will take minimum 4 to 5 months printing!

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James Wilson

Then such an action will jeopardize RBI's printing of currency to meet the natural increase and replacement of notes.

Moreover, this printing cost alone will be some Rs.1200 crores!

Then there are costs of logistics, replacement and other charges

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James Wilson Dec 6, 2019

So no sane person will attempt a sudden elimination of Rs.2000 notes, but it is possible to adopt gradual replacement of the same with Rs.2000 notes, which was attempted by Raghuram Rajan tenure!

But we have Modi and insanity is revelled as State Policy ! 🤓

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James Wilson Dec 6, 2019

With Rs.1000 notes ...sorry for the mix up

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