Hyderabad: According to the latest report of RBI, 99.31% demonetized notes have come back to RBI. After the claim of RBI, the question now remains to be answered is what was the motive of demonetization? It was proved that demonetization has utterly failed. On the contrary, common people faced inconvenience. More than 150 persons lost their lives while standing in long queues at the banks.
According to the report of Reserve Bank of India, it has started restricting the circulation of Rs. 2000 notes gradually.
“Economic Times” published a report that RBI is worried about hoarding of Rs. 2000 currency notes. In order to curb this trend, it intends to restrict the circulation of Rs. 2000 notes. The aim is to curb black money. “Economic Times” also reported that there has been a reduction of 37% in the circulation of Rs. 2000 notes.
RBI intends to reduce the circulation of Rs. 2000 currency notes on experimental basis.