The reason he gave was that these notes were causing corruption and black money.
When the 5000/ 10,000 rupee notes were demonetized, they were never reintroduced.
It was the Atal Bihari Vajpayee Government that introduced the 500 Rupee notes and later the 1000 Rupee notes.
Normally, when a note is demonetized, it goes out of circulation for ever.
But in our case, our 'great' leader introduced a scheme of 'note-exchange' and his ministers now say that the scheme was not a demonetization scheme but a note-exchange scheme.
And we also saw the sorry spectacle of introduction of a 2000 Rupee note.
The whole exercise was so badly planned that after the demonetization RBI realized that it would take 2 years to replace all 500 Rupee notes even if all the printing presses worked 24/7. Imagine how much time it would have taken had only 100 Rupee note remained as the highest note.
Thus, RBI was forced to issue 2000 Rupee note, which cut down the requirement to 1/4th as four 500 Rupee notes could be replaced with just one 2000 Rupee note.
With its work done, RBI has now withdrawn the 2000 Rupee note in a planned systematic manner.
Can you see the stupidity in the decision itself? If 500/1000 Rupee notes were creating corruption, why 500 Rupee note was reintroduced? And why was a 2000 Rupee note introduced, which was of a higher value than 1000 Rupee note? And then TV anchors told us about the 'hidden' GPS nano-chip that allowed the detection of 2000 Rupee notes via direct communication with satellites! Like Indians are all idiots and fools.
Going back to my original question, how much time does it take people to realize that they have been fooled?
The answer is, Forever. Eight years later and I am sure 20 years later too, there will be many who will continue to believe that demonetization was a grand success and only those with black money suffered, even in the face of evidence that 99.3% of all notes were successfully exchanged, so where is the black money?
They will continue to believe that only those with black money are opposing it, were opposing it, not realizing that only 10% of all money is printed money in circulation.
They will continue to believe that it destroyed Pakistan without understanding the fact that Indian Rupee works only in India and is now useless in almost all countries as it is no longer being even exchanged at airports abroad.
They will continue to believe that terrorism has been reduced in Kashmir, without bothering to see reports of soldiers, civilians and policemen killed in Kashmir since then.
They will continue to believe that corruption has ended, while the truth is that it has become worst.
They will continue to believe that Modi is a great leader while actually he is a charlatan.
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