Dr. Vivek Bindra Discusses Impact of Rs 2000 Currency Note Change and Government’s ‘Clean Note Policy’
New Delhi, India – May 20: Dr. Vivek Bindra, Founder and CEO of Bada Business Pvt. Ltd., was invited to various news portals to provide insights on the recent initiative by the central government regarding the “changing of the Rs 2000 currency notes.”
Dr. Bindra’s Perspective on the ‘Clean Note Policy’
When asked about the potential impact of this initiative on Bada Business, Dr. Bindra described the move as another significant step towards the country’s overall digitalization. He commended the government’s courageous stance, stating, “This government has been taking bold steps towards achieving larger goals for the nation and will continue to do so for the greater good.”
In comparing the current move to the demonetization of 2016, Dr. Bindra emphasized the differences. He reassured the public that steps have been taken to ensure minimal inconvenience for the common man during this process.
Exchange and Deposit Procedures: ‘Clean Note’ Policy Details
Dr. Bindra explained that the public can exchange their Rs 2000 notes at any bank or regional RBI office between May 23 and September 30, 2023. “For obvious reasons, the exchange limit has been set at Rs 20,000, which can be extended for those who hold PAN cards. It is important to note that there is no cap on the amount that can be deposited into one’s bank account instead of being withdrawn,” he added.
The New Initiative vs Demonetization: Dr. Bindra’s Clarification
When questioned whether this initiative could be seen as a measure to combat black money and terror funding similar to the demonetization effort, Dr. Bindra clarified, “This is not demonetization. The current initiative is part of the government’s ‘Clean Note’ policy, aimed at supporting areas like e-commerce and fintech. While it draws on age-old strategies from the Chanakya era to disrupt enemy supply chains, it also serves a dual purpose of reducing illicit funding and improving the economy.”
Impact on Cash-Dependent Industries: Challenges and Necessary Measures
Dr. Bindra acknowledged that certain industries remain heavily dependent on cash transactions, such as agriculture, traditional retail, and real estate. “Industries that operate on a cash economy will certainly face challenges due to this initiative. Immediate and effective steps by authorities are necessary to ensure a smooth transition,” he stated.
RBI Governor: Curbing Illicit Use of High-Value Notes
Dr. Bindra also referred to the views of former RBI Governor Dr. Raghuram Rajan, who had previously raised concerns about the illicit use of high-value notes. “Dr. Rajan highlighted the need to curb the public’s use of high-value currency notes, particularly when used for illegal purposes,” Dr. Bindra remarked.
Rajneesh Singh is a journalist at Asian News, specializing in entertainment, culture, international affairs, and financial technology. With a keen eye for the latest trends and developments, he delivers fresh, insightful perspectives to his audience. Rajneesh’s passion for storytelling and thorough reporting has established him as a trusted voice in the industry.
