Urgent need

When the Government of India undertook demonetisation in 2016, it banned the existing Rs.500 and the Rs.1,000 currency notes. It introduced new Rs.500 and Rs.2,000 denomination notes. Later, it phased out the new Rs.2,000 note. The result is that the highest value note in India today is Rs.500. This is approximately six USD. With the high level of inflation in India, of around six to seven per cent, Rs.500 is the minimum needed to buy vegetables and fruits, in any evening. Thus, a person is required to carry a thick wad of currency notes, on a weekday shopping expedition or a weekend outing.

It makes eminent sense, for the government to re-introduce the Rs.1,000 and Rs.2,000 currency notes. There is also scope to introduce a Rs.5,000 (approximately 60 USD) currency note. This will do away with the need to carry a large number of currency notes whilst shopping or travelling. Credit cards are not very popular in small towns and villages. People in these areas and even in metro cities, need the larger denomination notes.

Rajendra Aneja,

Mumbai, India