Wonder why 2,000 bills were withdrawn? Here is the reason explained. Also, know what you have to do with the Rs 2000 you have.
Why did RBI withdraw Rs 2000 notes?
According to a notification by the apex bank, Rs 2000 currency notes of the Reserve Bank of India (RBI) will be withdrawn from circulation. The notices also said that while these notes will be discontinued, the existing notes will remain legal tender. Now the real question is why did the RBI take this decision?
Reason
Rs 2,000 currency notes were first introduced in November, seven years ago, i.e. in 2016. These notes were introduced under Section 24(1) of the Reserve Bank of India (RBI) Act ) in 1934. The objective behind introducing such notes was to meet the monetary needs of the economy. The economy is in need of currency notes after withdrawing the legal tender status of notes of Rs 500 and Rs 1000 denominations. When Rs 2000 notes were in optimum numbers in the economy and the requirements were met, it was in 2018 and 2019 when printing of Rs 2000 notes stopped.
Most of the Rs 2000 currency notes were issued by the Reserve Bank of India before March 2017. Now, these notes are about to expire as their estimated lifespan is 4-5 years. It is interesting to note that this denomination is not currently commonly used for transactions as there are many other denominations of banknotes in circulation.
: How much does it cost to print 200, 500 and 2000 rupee notes in India?
Take a look at what the Reserve Bank of India tweeted on May 19 and the accompanying press release.
₹2000 banknotes – Withdrawn from circulation; Will continue to be Legal Tenderhttps://t.co/2jjqSeDkSk
— Reserve Bank of India (@RBI)
May 19, 2023
Clean notes policy
The purpose of the Clean Note Policy is to make good quality coins and notes with enhanced security features available to the public. The policy has withdrawn dirty money from circulation. Earlier, the apex bank was ready to withdraw all banknotes that were issued before 2005, as they had fewer security features than today’s banknotes. However, this cannot happen because banknotes issued before 2005 continue to have legal tender value.
What should you do with the 2000 Rupees note you have?
The Reserve Bank of India advises people to contact bank branches to deposit or exchange Rs 2000 currency notes you have. The Reserve Bank of India announced that the facility of exchanging notes of Rs 2000 denomination will remain available in all banks till September 30, 2023. This facility will also be available till the 30th September at 19 RBI Regional Offices with Issuance Department. : What is RBI’s E-Rupee? Everything you need to know about CBDC!
Categories: Optical Illusion
Source: pagasa.edu.vn