Traders not facing any problem in exchanging, depositing Rs 2,000 notes: Union minister
Indore, Jun 8 (PTI) Union Minister Som Prakash reassured the public on Thursday that businesspersons and traders were not experiencing any difficulties in depositing or exchanging Rs 2,000 notes, which were recently withdrawn from circulation by the Reserve Bank of India (RBI).
According to the minister, ample time has been provided for individuals to deposit or exchange the high-value currency, which was initially introduced in November 2016.
In response to a question from reporters, the Minister of State for Commerce and Industry stated, "I have spoken to numerous traders and industrialists regarding the decision to withdraw the Rs 2,000 notes. Anyone can visit a bank and have them exchanged. None of them have encountered any issues."
On May 26, the Confederation of All India Traders (CAIT) expressed the need for the Reserve Bank of India (RBI) to establish a standard operating procedure (SOP) for banks regarding the deposit and exchange of the withdrawn Rs 2,000 notes.
BC Bhartia, the president of CAIT, highlighted the challenges faced by housewives and traders due to the varying procedures followed by different banks. He emphasized the necessity for a common SOP implemented by the RBI across all banks.
In response to these concerns, Minister Prakash assured that the government is actively addressing issues related to the use of counterfeit bills to fraudulently claim input tax credit under the Goods and Services Tax (GST) system. Perpetrators of such frauds are being subjected to legal action and arrests.
Minister Prakash also discussed the achievements of the Narendra Modi government, which recently completed nine years in office. He highlighted India's emergence as the world's fastest-growing major economy.
Currently, Prakash is in Indore to participate in a special public connect program launched by the Bharatiya Janata Party (BJP) in Madhya Pradesh. The state is scheduled to hold Assembly polls by the end of this year.
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