Traders not facing problem in exchanging Rs 2,000 notes: Union minister

Union Minister Som Prakash on Thursday claimed businesspersons and traders were not facing any problem in depositing or exchanging Rs 2,000 notes which were withdrawn from circulation by the Reserve Bank of India (RBI) last month.

He said enough time has been given to people to deposit or exchange the high-value currency, which was introduced in November 2016.

I have spoken to a number of traders and industrialists over the decision to withdraw the Rs 2,000 notes. Anyone can go to a bank and get them exchanged. None of them have a problem," the Minister of State for Commerce and Industry told reporters here while responding to a question.

On May 19, the RBI announced the withdrawal of Rs 2,000 notes and set September 30 as the deadline for exchanging and depositing them with banks.

On May 26, the Confederation of All India Traders (CAIT) said the RBI must put in place a standard operating procedure (SOP) for banks for deposit and exchange of the withdrawn bills.

CAIT president BC Bhartia had told reporters here, Every bank has its own way to exchange or deposit Rs 2,000 bills, which is causing hardship to housewives and traders. The RBI must have a common SOP for all banks."

Minister Prakash said the government is continuously taking action against the use of fake bills for availing input tax credit under the Goods and Services Tax (GST) mechanism and people involved in such frauds were facing action and arrest.

Speaking about the achievements of the Narendra Modi government which completed nine years in office last month, the Bharatiya Janata Party (BJP) leader said India has emerged as the fastest growing major economy in the world.

Prakash is in Indore to attend a special public connect programme launched by the BJP in Madhya Pradesh, where Assembly polls are due by the year-end.