The decision to pull out the ₹2,000 denomination currency notes from circulation is a surgical strike of the Bharatiya Janata Party (BJP) government ahead of the coming Parliament and Assembly elections, former Finance Minister T.M. Thomas Isaac has said.
He told mediapersons here on Saturday that it was a political decision. “The huge failure in the Karnataka polls has threatened the BJP. It spent a lot of money there. The authorities have seized black money worth ₹650 crore there. It was just the tip of an iceberg. The BJP wants complete domination on black money in the coming elections. The current ban of ₹2,000 note is part of it,” he said.
However, such steps will hit the credibility of the Indian currency and affect the economy. Economic development will stagnate, he noted.
