India

The BJP MPs in the Rajya Sabha demand that 2,000 rupee notes be phased out

On Monday, a demand was made in the Rajya Sabha to gradually phase out 2,000 rupee currency notes, with BJP MP Sushil Kumar Modi stating that citizens holding such banknotes should have two years to deposit them.

Through a zero-hour mention, he noted that most ATMs in the country no longer accept 2,000 rupee notes, and there are rumours they may cease to be legal tender in the near future. It is imperative that the government clarify this issue,” he said, adding that the Reserve Bank of India has ceased printing currency notes for 2,000 rupees since three years ago.

A new 500 rupee note and a 2,000 rupee note were introduced when the government demonetised the old 500 and 1000 rupee notes overnight. He stated, “There was no rationale for bringing in a 2,000 rupee note when the circulation of 1,000 rupee notes was suspended.” He then cited examples of developed nations that do not issue currency notes with higher denominations.

It has been reported that 2,000 rupee notes are being hoarded and are being used in illegal trades such as drug trafficking and money laundering.

Among the highest currency denominations in the country, the 2,000 rupee note has become synonymous with black money, he explained. In order to phase out the 2,000 rupee note gradually, the government should do so. I believe citizens should be given two years to exchange their holdings of 2,000 rupee notes,” he stated.

Meanwhile, Elamaram Kareen of the CPM requested a five-year extension of the compensation paid to states as a result of the implementation of the Goods and Services Tax (GST).

Upon the implementation of the one-nation, one-tax on July 1, 2017, a cess was imposed on sin and luxury goods in order to subsume 17 levies, including excise duty and VAT. As a result, states received compensation for any revenue they lost as a result of this. On June 30, 2022, the compensation mechanism came to an end.

A substantial slowdown in the economy has been attributed to Covid, according to Kareem. As a result of rising expenses and decreasing revenues, an imbalance has resulted, he stated, adding that the Union Government should consider extending the compensation cess for another five years as requested by Kerala and other states.

Vijaysai Reddy (YSRCP) called for a ban on instant loan mobile apps since they not only trigger a cycle of blackmail and exhortation but also violate privacy by accessing sensitive personal information on mobile phones. Most of these apps are operated out of China, he said, and the government must take action against them.

If a borrower delays or defaults on repayments, he or she will end up paying much more than what was originally agreed.

According to him, such apps should be banned, their developers and promoters should be punished, and strict laws should be formulated to protect the privacy of phone data.

In his address, V Sivadasan (CPM) raised the issue of the over 10 lakh vacancies within government departments. According to him, there are 8 lakh vacancies in government departments in the Group C category. As well, the railways have 2.26 lakh vacancies and the Army has 1,31 vacancies, he said, and demanded that all vacancies be filled as soon as possible.

As well, Pabitra Margherita (BJP) demanded that tea be declared a national drink or beverage of the country due to its widespread consumption throughout the country. Assam tea will be celebrated 200 years next year, and a special package will be offered to the 50 lakh tea workers as part of the celebrations.

A minimum support price (MSP) was demanded by M Shanmugam (DMK), while Javed Ali Khan (SP) called for disbanding the student union and the teachers’ association at Jamia Millia Islamia, the national capital’s largest hostel.

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