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RBI to Withdraw ₹ 2,000 Notes from Circulation

RBI has announced that it will withdraw Rs 2,000 currency notes from circulation. However, the notes will continue to be legal tender until September 30, 2023.

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The Reserve Bank of India (RBI) has declared that it will stop printing and distributing Rs. 2,000 notes. The notes will continue to be valid for use, but by September 30, 2023, holders must deposit or exchange them for lower value bills.

Following the overnight abolition of high-value notes worth 1,000 and 500 rupees by Prime Minister Narendra Modi in November 2016, the RBI began printing the 2,000 rupee note. To make it simpler for people to transact in cash, the 2,000 note was introduced.

The RBI claimed that the goal had been accomplished now that sufficient numbers of banknotes in other denominations were available.

All banks have been instructed by the RBI to stop printing the 2,000 note right away. People can deposit or exchange their 2,000 rupee notes at any bank branch or one of the 19 regional offices of the RBI. A maximum of 20,000 will be allowed to exchange at once through the exchange facility.

“₹ 2,000 Notes to Be Withdrawn from Circulation by September 30, 2023”

RBI to Stop Issuing ₹ 2,000 Notes

The 2,000 note is not frequently used for transactions, according to the RBI. The estimated lifespan of the 2,000-rupee banknotes, which is four to five years, has come to an end for about 89% of them because they were printed before March 2017.

The total value of these banknotes in circulation decreased from a peak of 6.73 lakh crore as of March 31, 2018 (37.3 percent of notes in circulation) to a low of 3.62 lakh crore as of March 31, 2023, constituting only 10.8% of notes in circulation.

Similar efforts to remove notes from circulation were made by the RBI in 2013–2014. The RBI had at that point withdrawn all notes worth Rs. 500 and Rs. 1,000 that were older than ten years. The RBI claimed that the removal of these notes was required to raise the standard of in-use currency.

The economy is probably not significantly affected by the withdrawal of 2,000 yen notes. According to the RBI, it has an adequate supply of other denomination notes to meet the needs of the general public.

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India

New Parliament Inaugurated by PM Modi, Opposition boycott

Prime Minister Narendra Modi inaugurated the new parliament building on Sunday, May 28, 2023. The event was boycotted by opposition parties.

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On Sunday, May 28, 2023, Prime Minister Narendra Modi inaugurated the new parliament building. The opposition parties boycotted the event, insisting that President Droupadi Murmu should have inaugurated the building.

The new parliament building is located in New Delhi and is intended to accommodate the increasing number of parliament members. It can accommodate 888 members in the Lok Sabha and 300 members in the Rajya Sabha.

The structure also features a magnificent constitution hall, a lounge for members of parliament, a library, multiple committee rooms, dining areas, and ample parking.

The new parliament building was constructed in two years at a cost of 971 billion. Bimal Patel, an architect who also designed the Sabarmati Ashram Museum in Ahmedabad and the National Museum of Indian Cinema in Mumbai, designed the structure.

Prime Minister Modi and Lok Sabha Speaker Om Birla began the inauguration ceremony with a puja. The Prime Minister then bowed before the historic sceptre ‘sengol’ that the Adheenam seers had given him. The Prime Minister then brought the sceptre into the Lok Sabha chamber and placed it next to the Speaker’s chair.

“Modi Inaugurates New Parliament Building, Opposition Parties Protest”

The Prime Minister then congratulated a group of construction workers who had contributed to the construction of the magnificent new parliament. This was followed by ‘Sarv-dharma’ prayers from representatives of various faiths.

Boycott by Opposition

The opposition parties boycotted the inauguration ceremony, alleging that it was a “publicity stunt” on the part of the ruling Bharatiya Janata Party (BJP). As a symbol of India’s democracy, they stated that the President should have been the one to inaugurate the building.

The inaugural ceremony was a grand affair despite the boycott. A large crowd of people greeted the Prime Minister and other dignitaries with cheers and waves as they passed. The ceremony was also broadcast live on Indian television, where it was viewed by millions of people.

The opening of the new parliament building is an important event in the history of India. This structure represents India’s growing commitment to democracy and good governance. It is also a testament to the labour and commitment of those who constructed it.

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Jaishankar: Oppn shouldn’t politicize Parliament launch

External Affairs Minister S Jaishankar said that there should be a limit to politics, and that the inauguration should not be turned into a controversy.

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The opposition parties were criticised by External Affairs Minister S. Jaishankar on Friday for skipping the opening of the new Parliament building on May 28. He said there should be a “limit to doing politics” and that the inauguration shouldn’t “be made a topic of controversy.”

“Some people are attempting to stir up conflict. But I think engaging in politics should be restricted to a certain degree. The entire nation should at the very least unite on such occasions to celebrate this festival, according to S Jaishankar.

The union minister, who is in Gujarat for a two-day visit, told the media that it would be “unfortunate” if the inauguration became the subject of a dispute. The opening of the new Parliament building, he continued, “should be seen as a festival of democracy and celebrated in that spirit.”

After more than a dozen parties refused to attend the inauguration of the new Parliament building on the grounds that President Droupadi Murmu should perform the honours rather than Prime Minister Narendra Modi, a verbal battle between the BJP and opposition parties ensued.

The National Democratic Alliance (NDA) retaliated against the opposition on Wednesday by pleading with the parties to rethink their stance and warning them that “the people of India will not forget their egregious insult to our democracy and to their elected representatives if they go ahead with their stand.”

“New Parliament building to be inaugurated on May 28, opposition parties to boycott event”

Supreme Court rejects PIL

A public interest litigation (PIL) that asked the Supreme Court to rule that the President should perform the inauguration was rejected earlier in the day. However, the court “is not inclined to entertain this petition under Article 32 of the Constitution,” petitioner advocate Jaya Sukin was informed by a bench of justices JK Maheshwari and PS Narasimha.

The government’s decision to construct a new Parliament building has drawn criticism from the opposition parties, who claim it is a waste of resources. Additionally, they claim that the government is attempting to weaken the authority of Parliament by reducing the number of Lok Sabha seats.

In order to accommodate the increasing number of MPs, the government has defended its choice by stating that a new Parliament building is necessary. Additionally, it has been stated that the new structure will feature cutting-edge amenities and be better suited for the efficient operation of Parliament.

A significant occasion on the political calendar of India is the dedication of the new Parliament building. The power of the government and the opposition parties will be put to the test.

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Opposition to Skip New Parliament Building Inauguration

Several opposition parties have announced that they will not be attending the inauguration of the new Parliament building on May 28.

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A number of opposition parties have declared that they won’t be present for the May 28 opening of the new Parliament building.

Prime Minister Narendra Modi’s planned inauguration of the structure has drawn criticism from the opposition parties.

Shiv Sena, Aam Aadmi Party, Trinamool Congress, Communist Party of India, and Nationalist Congress Party have all declared their intention to abstain from the inauguration.

The NCP has decided to support other opposition parties who share its views on this matter. AAP said, the decision was made in response to concerns expressed about the issue of not inviting the President to the inauguration ceremony.

To unite the opposition against the Centre’s ordinance to regain control over officers working for the Delhi government. Kejriwal plans to meet opposition leaders to mobilize against ordinance. They also joined to support opposition parties to abstain from the inauguration.

According to the TMC, the occasion will be “all about I, me, and myself.” The CPI general secretary said, his group won’t be present at the ceremony.

“Opposition parties boycott PM Modi’s inauguration of new Parliament building”

The boycott of the inauguration by the opposition parties is likely to exacerbate already tense tensions between the opposition and the BJP, which is currently in power.

The boycott will probably be interpreted as a manifestation of the opposition’s mounting annoyance with the ruling party.

Hardeep Singh Puri counters Opposition

Union minister Hardeep Singh Puri criticised the Congress for objecting to Prime Minister Narendra Modi’s dedication of the new Parliament building and noted that former PMs Indira Gandhi and Rajiv Gandhi had previously dedicated the Parliament annexe and library.

“In August 1975, then PM Indira Gandhi inaugurated the Parliament Annexe, and later in 1987 PM Rajiv Gandhi inaugurated the Parliament Library. If your (Congress) head of government can inaugurate them, why can’t our head of government do the same?” Hardeep Singh Puri told news agency ANI.

The Lok Sabha Secretariat’s invitation shows that Prime Minister Narendra Modi will inaugurate the new Parliament building on May 28 with Lower House Speaker Om Birla, despite opposition objections.

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