Ex-DEA secretary S C Garg has said that the high-value notes can be demonetised without causing any disruption. He claimed that the Rs 2,000 notes may not have been in circulation much now as they have been hoarded by people.

As per Garg Estimate, there are about one-third of 2,000 currency notes in circulation in value terms .

New Rs 2,000 currency was come into force when the demonitisation was took place in November 2016. It is now 3 year has been completed.

“A good chunk of Rs 2,000 notes are actually not in circulation, having been hoarded. Rs 2,000 note, therefore, is not presently working as a currency of transaction,” he said advocating that they may be demonetised or withdrawn from circulation.

“It can be demonetised, without causing any disruption. A simple method, depositing these notes in the bank accounts (no counter replacement), can be used to manage the process,” he said.