Manickam Tagore Highlights Problems Faced by Rural and Urban Poor Due to Lack of Rs 10, Rs 20, and Rs 50 Notes
Shortage of Small Value Notes Creates Worries for Common People
The increase in digital transactions across India has changed the way people handle money. With more individuals shifting to online payment methods, the demand for cash, especially smaller currency notes, has seen a decline. However, this shift has led to challenges, particularly in rural areas where people still rely heavily on cash for everyday transactions.
Recently, Congress MP Manickam Tagore raised concerns about the shortage of Rs 10, Rs 20, and Rs 50 notes in the market. In a letter to Finance Minister Nirmala Sitharaman, he pointed out that this shortage is causing significant difficulties, especially for small traders, street vendors, and those who don’t have easy access to digital payments.
Congress MP Manickam Tagore’s Letter to Finance Minister
On September 17, Congress MP Manickam Tagore wrote a letter addressing the Finance Minister, drawing attention to the shortage of small denomination notes. He expressed concern that these notes are hardly seen in circulation, leading to troubles for those who rely on them for daily cash transactions.
The letter mentioned that rural areas and urban poor communities are the most affected by this shortage. Tagore’s focus was on the need for immediate attention to this issue, ensuring that low-value notes remain available for people who depend on cash over digital payments.
RBI Stopped Printing Small Denomination Notes to Boost Digital Payments?
Manickam Tagore’s letter suggests that the Reserve Bank of India (RBI) may have halted the printing of Rs 10, Rs 20, and Rs 50 notes to encourage the use of digital payment methods like UPI. While this move aligns with the government’s push towards a digital economy, Tagore argues that it’s creating problems for those in rural and underprivileged areas who are not equipped with the digital infrastructure.
He highlighted that poor communities, small traders, and daily wage workers heavily depend on physical cash and have been disproportionately affected by this shortage. The Congress leader also posted about this issue on social media, where he shared the letter and his concern over this ongoing problem.
Small Traders and Rural Population Struggling Without Cash
According to Tagore, promoting digital transactions is important, but it shouldn’t come at the expense of people who lack access to such facilities. The Congress MP mentioned that denying people access to the currency they need for everyday expenses can be considered a violation of their fundamental rights.
Small businesses, local vendors, and people who earn their living through daily wages are the most dependent on cash. The letter highlights how these groups, who form a significant part of the Indian economy, are struggling because of the lack of smaller notes. They are finding it difficult to carry out their usual transactions, causing unnecessary hurdles in their everyday lives.
Request to Resume Printing of Rs 10, Rs 20, and Rs 50 Notes
In his letter, Manickam Tagore requested that Finance Minister Nirmala Sitharaman take immediate action by directing the RBI to resume the printing and distribution of smaller currency notes. He emphasized that this would relieve the common people from the difficulties they are facing and ensure that there is an adequate supply of small notes in the market.
Additionally, the Congress MP also urged the government to take steps to improve digital payments infrastructure in rural areas so that more people can access online transactions in the future.
