Exploring the Methods and Specifics of the “Clean Note” Policy: Insights from Dr. Vivek Bindra
Dr. Bindra downplayed the significance of the 2016 demonetization and explained the measures taken to minimise the impact on the average citizen this time around
New Delhi : Dr. Vivek Bindra, founder and chief executive officer of Bada Business Pvt. Ltd., was asked to comment on the ‘changing of the Rs2000/- currency notes’ on many news websites.
The ‘Clean Note Policy’ From Dr. Bindra’s Point of View
Dr. Bindra was asked what he thought the government’s project with Bada Business would accomplish, and he stated it would be another step in the government’s broader digitization. He affirmed that the current administration is “courageous” and “has been taking hard steps towards the bigger goal in the interest of the nation and will continue to do so.”
Dr. Bindra downplayed the significance of the 2016 demonetization and explained the measures taken to minimise the impact on the average citizen this time around.
Methods of Payment and Swap: Specifics of the “Clean Note” Policy
Between May 23 and September 30, 2023, the public may swap their Rs2000 notes at any participating bank or RBI branch. The current ceiling for the exchange is Rs20,000/-, and those with PAN cards may withdraw even more. It’s worth noting that, contrary to popular belief, there is no maximum amount that may be placed into an individual’s bank account.
The New Initiative vs Demonetization: Dr. Bindra’s Clarification
When asked whether an initiative like demonetization is the last resort to tackle issues like black money and terror funding, Dr Bindra said that the new initiative is in no way demonetization and certainly not aimed at fighting black money and terror funding. It is an initiative taken by the government under the ‘Clean Note’ policy and will contribute to fields like e-Commerce and FinTech. Although it is an age-old strategy in use since the Chanakya era to stop the chain of enemy’s supplies, food, and funding in order to weaken them from within. This new initiative will also serve this dual purpose.
Impact on Cash-Dependent Industries: Challenges and Necessary Measures
When asked about the effect this initiative might have on other industries, Dr Bindra agreed that some industries are still majorly cash-dependent, like agriculture, traditional retail, and real estate, which has been on a downward spiral for quite some time now and continues to do so. “Industries that still run on a cash economy will certainly get affected due to this initiative. For this, the authorities need to take immediate and effective steps to ensure smooth execution,’ Dr Bindra said.
RBI Governor: Curbing Illicit Use of High-Value Notes
“Dr. Raguram Rajan, the former Governor of RBI and an open critic of the current government and its policies, had also said that once high-value notes are used for illicit purposes and as a precautionary measure, their usage should be curtailed by the general public,” he said.