New Rs.2,000 notes to be phased out with 5 years: S Gurumurthy

RSS ideologue S Gurumurthy, who is among those who are regularly consulted by Prime Minister Narendra Modi since demonetisation, has said the new Rs 2,000 notes will be phased out within the next five years. 

Gurumurthy, who is addressing meetings in the city in support of the note ban, said in a TV interview that the government is “committed” to moving towards smaller-denomination notes, and high-denomination notes would be done away over a period of time.

Gurumurthy’s observation has come in the wake of reports of seizure of more than Rs 70 crore of new Rs 2,000 notes in Karnataka, Tamil Nadu, Gujarat and Delhi since November 10 when they were released.Since



then, Modi has been under attack from the Opposition leaders for introducing the Rs 2,000 notes.

Gurumurthy, who is a chartered accountant, is said to have been asked by the prime minister to help BJP ministers and others to counter the Congress leaders. This was after former prime minister Manmohan Singh spoke on the adverse impact of demonetisation in the Rajya Sabha. Singh described demonetisation, which is being hailed as a “masterstroke” by Modi , as an “organised loot and legalised plunder” and “monumental mismanagement”. Gurumurthy said the Rs 2,000 notes were “only a bridge” as the government had to bring it in place of the old Rs 1,000 notes.