Rs 2,000 notes withdrawal: Arvind Kejriwal labels Modi ‘illiterate’

The RBI introduced the Rs 2,000 notes in November 2016

Shortly after the Reserve Bank of India announced the withdrawal of Rs 2,000 notes from circulation, Delhi Chief Minister Arvind Kejriwal took a dig at Prime Minister Narendra Modi, for the move.

Also Read: RBI withdraws Rs 2,000 note: How, why and by when to return

In a tweet, he said, “First they said that by bringing 2,000 notes, corruption will stop. Now they are saying that by banning Rs 2000 notes, corruption will end. That's why we say, PM should be educated. Anyone can say anything to an illiterate PM. He doesn't understand. The public has to suffer.”

Kejriwal wasn’t the only one who took a jibe at the prime minister. CPI(M) General Secretary Sitaram Yechury said the move “virtually reverses the 2016 demonetisation”.

It was in November 2016 that the RBI introduced the Rs 2,000 notes. The move was to make amends for the demonetisation of the Rs 500 and Rs 1000 notes.

Also Read: 'First act, second think': Cong slams 'Vishwaguru' Modi over withdrawal of Rs 2,000 notes

Reasons for withdrawal:

The RBI said it has decided to withdraw the Rs 2,000 denomination banknotes from circulation in pursuance of its “clean note policy”.

One of the other reasons is that the public does not use the high-value currency a great deal, and that the existing lesser denominations are good enough to meet the currency requirements.

Exchange of Rs 2,000 notes:

Those who wish to exchange the Rs 2,000 notes can approach any bank and deposit them there or get them exchanged with other denominations. Though there is no limit on the total amount that can be exchanged, the RBI has stipulated that in one single transaction, none can exchange more than 10 Rs 2,000 notes (a maximum of Rs 20,000).