70% People Want Scrapped Rs 1000 Note Back, Claims Survey
en months after the note-ban which saw the scrapping of the 1000 and 500 rupee notes, nearly 70 per cent of the population want the Rs 1,000 banknotes back, says a survey
Last November, government scrapped Rs 500 and Rs 1,000 notes, which accounted over 86 per cent of the total Rs 16.24 trillion value of banknotes in circulation as of March 2016.
To the consternation of the pro-note-ban advocates and the government which was expecting trillions in savings from the move, last week the Reserve Bank had said as much as 99 per cent of the scrapped notes have come back to the system.
"Nearly 69 per cent of the of surveyed population responded with 'yes' when asked if there is a need for Rs 1,000 banknotes," according to a survey conducted by Way2Online, a Hyderabad-based local language short news app.
Following demonetisation, the Reserve Bank had also introduced new Rs 500 and Rs 2,000 notes.
Having released the new Rs 500 and Rs 2,000 bills for easy swapping of old notes, the choice of denominations severely hurt the section of population that deal with smaller denomination notes, the survey said.