Traders not facing any problem in
exchanging, depositing Rs 2,000 notes: Union minister
Indore, Jun 8 (PTI) Union Minister Som Prakash reassured the public on Thursday that businesspersons and
traders were not experiencing any difficulties in depositing or exchanging Rs
2,000 notes, which were recently withdrawn from circulation by the Reserve Bank
of India (RBI).
According to the minister, ample
time has been provided for individuals to deposit or exchange the high-value
currency, which was initially introduced in November 2016.
In response to a question from
reporters, the Minister of State for Commerce and Industry stated, “I have
spoken to numerous traders and industrialists regarding the decision to
withdraw the Rs 2,000 notes. Anyone can visit a bank and have them exchanged.
None of them have encountered any issues.”
On May 26, the Confederation of
All India Traders (CAIT) expressed the need for the Reserve Bank of India (RBI)
to establish a standard operating procedure (SOP) for banks regarding the
deposit and exchange of the withdrawn Rs 2,000 notes.
BC Bhartia, the president of
CAIT, highlighted the challenges faced by housewives and traders due to the
varying procedures followed by different banks. He emphasized the necessity for
a common SOP implemented by the RBI across all banks.
In response to these concerns,
Minister Prakash assured that the government is actively addressing issues
related to the use of counterfeit bills to fraudulently claim input tax credit
under the Goods and Services Tax (GST) system. Perpetrators of such frauds are
being subjected to legal action and arrests.
Minister Prakash also discussed
the achievements of the Narendra Modi government, which recently completed nine
years in office. He highlighted India’s emergence as the world’s
fastest-growing major economy.
Currently, Prakash is in Indore
to participate in a special public connect program launched by the Bharatiya
Janata Party (BJP) in Madhya Pradesh. The state is scheduled to hold Assembly
polls by the end of this year.
Excellent write-up