In a letter to Finance Minister Nirmala Sitharaman, Tagore highlighted the hardship faced by the rural communities and urban poor in Karnataka due to the shortage of Rs 10, Rs 20, Rs 50 currency notes
Sharing the letter on social media platform X, he said, “Wrote a letter to Hon’ble Finance Minister @nsitharaman regarding the severe shortage of Rs 10, 20, and 50 denomination notes, which is causing hardship in rural and urban poor communities.”
Wrote a letter to Hon’ble Finance Minister @nsitharaman regarding the severe shortage of Rs. 10, 20, and 50 denomination notes, which is causing hardship in rural and urban poor communities. Urging for immediate intervention to resume 1/2 pic.twitter.com/NEYXsIOZ9d
— Manickam Tagore .B????????மாணிக்கம் தாகூர்.ப (@manickamtagore) September 21, 2024
Terming it as a ‘pressing issue,’ he wrote, “The severe shortage of Rs 10, 20, and 50 denomination currency notes has caused immense inconvenience and hardship,” and then goes on to add that it’s “affecting millions of citizens, particularly in rural areas and urban poor communities.”
He pointed out that the lack of these lower denomination notes is disrupting daily business for small vendors, street hawkers, and daily wage earners, many of whom do not have access to digital payment systems.
According to Tagore, these groups are heavily dependent on cash transactions for their livelihoods, and the current shortage is making it increasingly difficult for them to function.
Tagore attributed the shortage to reports suggesting that the Reserve Bank of India (RBI) has halted the printing of lower denomination notes to promote UPI (Unified Payments Interface) and cashless transactions.
“Reports suggest that the Reserve Bank of India (RBI) has stopped printing these notes to promote UPI and cashless transactions. While the push for digital payments is understandable, this move disproportionately affects those without access to digital payment infrastructure, particularly in rural areas,” he wrote.
Tagore urged FM Sitharaman to intervene immediately by directing the RBI to resume printing and distributing lower denomination currency notes.
He called for a sufficient supply of these notes to meet the public’s demand and recommended measures to bridge the digital divide by improving access to digital payment systems in rural regions.
“The decision infringes upon the fundamental right to access currency, essential for daily transactions,” Tagore said.
The Congress leader requested the Finance Minister to direct RBI to resume printing and distributing lower denomination currency notes, to ensure adequate supply of these notes and to implement measures to improve access to digital payment infrastructure in rural areas.
He ended his letter, saying “I urge you to address this urgent matter and restore the availability of these notes to ease the hardships faced by marginalised communities.”