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Hi Readers! Measuring 66 mm * 166mm, I am magenta coloured, your Rs 2,000 currency note. I was in the news all over recently about my withdrawal from active circulation. RBI cited the ‘Clean Note Policy’ as the justification for this move.
Today I fondly remember the architect of our Constitution, Dr Bhimrao Ramji Ambedkar who had once said, “Life Should be great rather than long”. I fit this bill because RBI had given the statement that a Rs 2,000 banknote was introduced in November 2016 to remonetize the currency “in an expeditious manner” due to the lost legal tenders of my brothers-Rs 500 and Rs 1000 notes. The objective of introducing me was fulfilled, once banknotes in other denominations became available in adequate quantities. Moreover, this year with my slow death, it is expected that deposit accretion of banks could improve marginally in the near term so this will also reduce the pressure on deposit rate hikes. So having achieved these objectives, I can happily bid adieu to the world.
Like everyone’s life is a roller coaster ride, so was mine. First of all, I was introduced to weed out corruption from the society and the reason for wiping me out from the active circulation remains the same! How ironic, isn’t it? Secondly, as you must be aware that to determine Indian currency denominations, RBI follows a variation of the ‘Renard Series’ called 1-2-5 series, that is, 10,20,50 and alike. The series was proposed in the 1870s by the French Army Engineer, Colonel Charles Renard. This series is an ISO standard. For efficient transactions, the ratio of 1-2-5 series must never exceed 2.5. In that sense, I was an odd one. So, my birth was not in conformation with the ‘Renard Series’.
Next, in 2019, I accounted for 31.2% of the value of all notes in circulation. By 2022, I had fallen to 13.8%. By the end of March this year, I further slipped down. This shows that over a period of time, I would have fallen further and finally I could have been gradually phased out of circulation. So why was the urgency to cause disruption to the system and discomfort to the public at large as commodity and agriculture traders still prefer dealing in cash and with the post-harvest trading season currently on, this step might disturb the flow of the cash and businesses.
In addition, during my tenure, I was once suspected of possessing nano-GPS chips on my body.
My birth and now my end both were mired in controversy as many people saw this as political action rather than an economic policy measure since assembly elections were and even now are a few months away in both situations. Additionally, there is no clarity on my legal tender status after September 30. Even if I assume it will continue, then it would exist on paper only, not practically as people will not accept me.
Just wish me good luck that by September 30, approx. all the 181 crore pieces of my denominations come back to the banks. Homecoming, you can rather say.
In November 2016, after announcing the demonetization of my younger siblings, our PM went to Japan. This time too after the announcement by RBI, PM landed in ‘The Land of Rising Sun’ so instead of saying ‘Goodbye forever’ to you all, I would rather say ‘Sayonara’.
These pieces are being published as they have been received – they have not been edited/fact-checked by ThePrint.
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