Reserve Bank of India (RBI) has announced issue of new-designed rupees-20 currency-notes, last under new series of smaller-sized currency-notes in different denominations issued in phases but completed in more than two years when first notes in denominations of rupees 2000 and 500 were issued soon after demonetization on 08.11.2016.
It is true that notes in denominations of rupees 2000 and 500 were issued in emergency conditions to meet big challenge of demonetisations. But issue of notes in rest other denominations of rupees 10, 20, 50, 100 and 200 must have been simultaneous to avoid repeated changes in ATMs costing heavily to banks. Otherwise also new series of coins or currency must be issued simultaneously in all denominations rather than in phases.
Since currency-notes in denominations of rupees 500, 200, 100, 50, 20 and 10 are now plenty in circulation, RBI should stop printing currency-notes in rupees 2000 denominations which were issued as interim emergency-situation following demonetization of earlier currency-notes in denominations of rupees 1000 and 500. It is a known fact that with currency-circulation now much higher than before demonetization on 08.11.2016, currency-notes of rupees-2000 are mainly misused for unaccounted transactions and not usually seen in normal circulation.
Huge wastage of funds on printing one-rupee notes suddenly re-issued after a gap of two decades just for bureaucratic craze of getting their signature on notes, should be avoided by immediate stopping their further printing. Existing stock of one-rupee notes should be sold by RBI as premium collector-item in attractive plastic-packing like commemorative coin-sets. Enquiry should be made and guilty ones punished for wrong decision to re-issue of one-rupee notes.
SUBHASH CHANDRA AGRAWAL