Former Finance Secretary Subhash Chandra Garg suggested demonetisation of Rs 2000 currency in a note along with an active policy of de-nationalising public sector undertakings and promoting privatisation, self-management by the government of its own debt instead of the RBI. He argued that India's fiscal management system uses unstable practices and runs high levels of deficits and debt.
He pointed out that due to the high debts, a big part of the nation's revenue is going to repaying these debts.
In his note, Garg also listed down 100 major policy and governance reforms and investment stimulating measures for the financial system and the economy.
As the Economic Affairs and Finance Secretary, he helped the government peg fiscal deficit at 3.3% of GDP in its full Budget for 2019-20.
He suggested that Rs 2000 can be demonetised without any disruption because of Rs. 2000 notes are actually not in circulation as it is hoarded and thus not working as a currency of transaction presently.