New Delhi: Raghuram Raghav, the Governor of Reserve Bank of India on Thursday had tried to reduce the fear over the decision of RBI to withdraw all currency which has been issued before 2005 from 1 April, 2014. He said that the notification of RBI was not aimed at demonetization.
He assured the people that such currency notes would continue to be legal tender. He also said that there was no cause for panic. The public would be required to approach banks for exchanging their pre-2005 notes.
Notify that RBI on Wednesday said that after March 31 it would withdraw from circulation all currency notes issued prior to 2005.
Dr. Rajan said, “This is not an attempt to demonetise such currency notes. It is only that the pre-2005 currency notes can be easily forged, while the new currency notes being printed now have more security features.”
He also said, “I understand people are coming up with different interpretations. The public will not be subject to any hardship on account of this decision. I have to say that this decision has nothing to do with the elections. That is not the objective.”
Dr. Rajan had responded to a question by Central Bureau of Investigation Director Ranjit Sinha, who asked him about the implication of the RBI order.
Rajan claimed this move of RBI as to replace the less effective currency notes with those having better security features was on the suggestion of the Finance Ministry.
However BJP spokesperson Meenakshi Lekhi slamed on that decision and said it “anti-poor.”
She said, “The latest gimmick of the Finance Ministry is an attempt to obfuscate the issue of black money stashed away outside the country. The aam aurats and aadmis, those who are illiterate and have no access to banking facilities will be hit.”
Bureau Report
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