Lok Sabha MP Jayadev Galla suggests expiry dates for big currency notes

NEW DELHI: Expiry dates should be printed on big currency notes as it would help prevent hoarding, a Lok Sabha member suggested today.

Jayadev Galla (TDP), while participating in a discussion on Finance Bill 2017 to consider the five amendments carried out by the Rajya Sabha, suggested that "big currency notes can have expiry date so that we can have demonetisation from time to time."

Observing that his idea was novel, Galla said that Rs 200 notes should be introduced while Rs 2000 notes should be withdrawn.

Galla also said that in order to motivate the tax-payers, some facilities should be provided to them.

The government had scrapped old currency of Rs 500 and Rs 1,000 on November 8, 2016 and replaced them with new Rs 500 and Rs 2,000 notes.