Dr. Vivek Bindra: The new initiative taken by the government under the ‘Clean Note’ policy will contribute immensely in fields like e-Commerce & FinTech

In a comparison of the current initiative with the demonetization done in 2016, Dr Bindra discounted it and informed about the steps taken this time to ensure that the common man faces minimal inconvenience in the process.

Exchange and Deposit Procedures: ‘Clean Note’ Policy Details

“Public can get their Rs2000/- currency notes exchanged at any of the banks or at the regional offices of RBI, any time between 23rd May and 30th September 2023. For obvious reasons, the limit for the exchange has been currently fixed at Rs20,000/- which goes even further for those having PAN cards. It is noteworthy that there is no limit set to the amount one can get deposited in their respective banks instead of withdrawing it,” he said.

The New Initiative vs Demonetization: Dr. Bindra’s Clarification

When asked whether an initiative like demonetization is the last resort to tackle issues like black money and terror funding, Dr Bindra said that the new initiative is in no way demonetization and certainly not aimed at fighting black money and terror funding. It is an initiative taken by the government under the ‘Clean Note’ policy and will contribute in fields like e-Commerce and FinTech. Although it is an age-old strategy in use since the Chanakya era to stop the chain of enemy’s supplies, food, and funding in order to weaken them from within. This new initiative will also serve this dual purpose.

Impact on Cash-Dependent Industries: Challenges and Necessary Measures

When asked about the effect this initiative might have on other industries, Dr Bindra agreed that some industries are still majorly cash-dependent, like agriculture, traditional retail, and real estate, which has been on a downward spiral for quite some time now and continues to do so. “Industries that still run on a cash economy will certainly get affected due to this initiative. For this, the authorities need to take immediate and effective steps to ensure smooth execution,’ Dr Bindra said.

RBI Governor: Curbing Illicit Use of High-Value Notes

“Dr. Raguram Rajan, the former Governor of RBI and an open critic of the current government and its policies, had also said that once high-value notes are used for illicit purposes and as a precautionary measure, their usage should be curtailed by the general public,” he said.

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