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The Reserve Bank of India has taken a big decision on the biggest currency note of 2000 rupees. The Reserve Bank of India has advised banks to stop issuing Rs 2000 notes with immediate effect. RBI said that these notes will remain in circulation till 30 September.
The Reserve Bank of India has taken a big decision on the biggest currency note of 2000 rupees . RBI has announced the withdrawal of Rs 2000 notes issued after the demonetisation of 2016. However, the 2000 notes present in the market will remain in circulation for the time being. The Reserve Bank of India has advised the country's banks to stop issuing new Rs 2000 notes to customers. The Reserve Bank has taken this decision under the 'Clean Note Policy'. 2000 rupee notes can be deposited in the bank till 30 September 2023.
According to the Reserve Bank, from May 23, 2023, Rs 2000 notes can be exchanged for notes of other denominations at a time in any bank. Note exchange limit is Rs 20,000. That is, 20000 rupee notes will be changed in one go.
Let us tell you, after the demonetisation in the year 2016, the Reserve Bank had issued a note of Rs 2000. For the last few months, 2000 rupee notes were less visible in the market. People said that even 2000 rupee notes are not coming out from ATMs. In this regard, the government had also given information in the Parliament.
long time no print
The Reserve Bank had given a lot of information about the 2000 rupee note in its annual report. According to the annual report of the Reserve Bank of India, not a single note of Rs 2000 has been printed in FY 2019-20, FY 2020-21 and FY 2021-22. Because of this, the circulation of Rs 2000 notes has reduced in the market.
2000 rupee note was issued after demonetisation
After the announcement of Prime Minister Narendra Modi on 8 November 2016, all the notes of 500 and 1000 rupees were out of circulation. In place of these currencies, new notes of 500 and 2000 rupees were issued by the Reserve Bank. The Reserve Bank believed that the Rs 2000 note would easily compensate for the value of those notes which were put out of circulation.
2000 notes were the most prevalent in the country during the year 2017-18. During this, 33,630 lakh notes of 2000 were in circulation in the market. Their total value was Rs 6.72 lakh crore. In 2021, Union Minister Anurag Thakur informed in the Lok Sabha that not a single note of Rs 2000 has been printed for the last two years.
In response, Finance Minister Nirmala Sitharaman had said that no instructions have been given to banks to fill or not to fill 2000 rupee notes in ATMs. Banks choose their own choice to load the cash vending machines. They assess the need. The Finance Minister had said that according to the annual report of RBI, Rs 2000 notes have not been printed since the year 2019-20.
News is originally taken from: https://www.aajtak.in/business/news/story/rbi-to-withdraw-rs-2000-currency-note-from-circulation-but-it-will-continue-to-be-legal-tender-know-the-details-tutd-1698483-2023-05-19
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