56-percent fake currency in 2000-rupee notes requires big reforms in revenue-system

Kashmir Times. Dated: 1/17/2020 5:44:00 PM

Dear Editor,
Report of National Crime Records Bureau (NCRB) reveals that in terms of value, 2,000-rupees banknotes comprised 56 per cent of all fake currency seized in India after demonetisation of old currency on 08.11.2016. Share of fake 2000-rupees bank-notes is continuously increasing with their share 53.3 percent in the year 2017 increased to 61.01 percent in the year 2018. Both the aims of currency-demonetization i.e. reduction in currency-circulation and elimination of fake currency from circulation could thus not provide required fruits with currency at twenty-percent more than at time od demonetization..
Instead of any demonetisation, those having rupees-2000 currency notes may be asked to deposit these in bank-accounts and withdraw if needed immediately or as per need thus not affecting common people or having accounted cash in form of 2000-rupee notes. Simultaneously an amnesty-scheme in form of elephant-bonds can be announced for those having unaccounted currency for those having unaccounted cash in any denomination including of 2000-rupees notes.
Such a system coupled with other steps like fixing upper Income Tax limit at 30-percent as earlier, drastic GST-reforms with Input-Tax-Credit abolished in manufacturing and service sectors after having uniform GST-slabs at 10 and 30 percent (with additional slabs in multiples of 100 in place of cess for super-luxury items), fixing monthly cash-withdrawal for individuals at rupees 96000 to be subsequently reduced to rupees 48000 and central government bearing transaction-charges on use of credit-cards after reducing it to half-percent will also drastically reduced currency-circulation.
—Subhash Chandra Agrawal,
1775 Kucha Lattushah
Dariba, Chandni Chowk Delhi.



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