Rajya Sabha BJP MP Sushil Modi on Monday said the Rs 2,000 currency notes were being used for hoarding black money and terror funding and demanded its gradual withdrawal.

In 2016, the Union government had demonetised Rs 1,000 and Rs 500 currency notes on the ground that they were used for terror funding and stashing black money. The new Rs 2,000 and Rs 500 currency notes were introduced. “The Rs ,2000 currency notes are no longer available in markets and ATMs.

The RBI has stopped printing the notes for the last three years. A lot of people have hoarded these notes. These notes are used for terror funding. A lot of fake Rs 2,000 notes have been printed too,” he said.

Modi said the European Union had discontinued printing the currency notes of 500 euro to check its misuse.

“There is no need for continuing Rs 2,000 notes. It should be withdrawn in a phased manner. This will help check hoarding black money.”