In a move aimed at drawing attention to the escalating number of Rs 2,000 denomination notes in circulation, a prominent trade association in Kolkata has reached out to the Reserve Bank of India (RBI) with a formal letter of concern. The letter, penned by an umbrella organization representing various traders’ associations in the city, highlights the urgent need for the central bank’s intervention to address the issue.
Amidst growing apprehension within the business community, the trade body seeks clarification from the RBI regarding the factors contributing to the proliferation of Rs 2,000 notes and the potential implications associated with this surplus. The association has expressed its desire for the RBI to shed light on the matter and initiate necessary steps to rectify the situation.
The excessive presence of high-value currency notes, particularly the Rs 2,000 denomination, has been a cause for worry among traders and merchants in Kolkata. Concerns have been raised over its impact on day-to-day transactions and the overall liquidity in the market. The trade body’s communication to the RBI serves as a catalyst to draw attention to these apprehensions and seek viable solutions.
The association urges the central bank to provide insights into the reasons behind the abundant availability of Rs 2,000 notes, which has reportedly caused inconvenience to businesses and customers alike. The surplus of these higher denomination notes may pose challenges in ensuring efficient cash flow and could potentially impact the ease of conducting transactions in the region.
As the custodian of India’s monetary system, the RBI plays a crucial role in regulating currency circulation and maintaining an optimal balance of denominations. By seeking intervention from the apex banking institution, the trade body intends to collaborate with the RBI in addressing the concerns and finding suitable remedies to restore equilibrium in currency distribution.
While awaiting a response from the RBI, the traders’ association encourages its members and stakeholders to stay informed about the situation and remain vigilant. They emphasize the importance of accurate information dissemination and advise their constituents to rely on credible sources for updates.
The trade body’s letter to the RBI sheds light on the mounting concerns over the surplus of Rs 2,000 notes in Kolkata. By proactively engaging with the central bank, the association aims to prompt necessary actions and foster a productive dialogue to ensure smooth business operations and facilitate seamless transactions in the city.