The Indian government took a sensational decision called demonetization in 2016 and the then existence notes were withdrawn. Citing the fight against black money as a reason, the government banned the ₹500 and ₹1,000 notes, and new notes were introduced. 2000 banknotes were also brought.
Now the RBI took a sensational decision and decided to withdraw the 2000 note from circulation. Having said that RBI also announced the notes will continue to be legal tender. Banks will not issue the notes and those who have the notes can change them with the banks. They can change the bank notes with the banks from the 23rd of this month and till the 30th of September.
Saying that the main motto is the “Clean Note Policy”, the Reserve Bank of India said that the other notes are in required numbers and hence the decision of withdrawing the big notes was taken. RBI said that people can deposit the 2000 notes with any branch, however, they can deposit only Rs 20,000 at a time.
The objective of introducing ₹2000 banknotes were met once banknotes in other denominations became available in adequate quantities,” RBI said.
It has to be mentioned here that since the emergence of new notes, 200 notes are not used widely and only 100 and 500 notes are actively used. This might also be the reason behind the decision on RBI. When notes are not easily available and people won’t use them that much the notes serve no purpose. RBI might have considered the point.
New 2000 notes are not being printed and only the previously printed notes are in circulation. Very rarely do we see the big notes. Now the RBI decided to withdraw the big note from circulation and people can change the notes they have with them.
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