Wednesday, December 11, 2024
spot_img

Rs 2,000 notes to go off circulation

Date:

Share post:

spot_img
spot_img

Mumbai, May 19: In a surprise move, the Reserve Bank on Friday announced withdrawal of Rs 2,000 currency notes from circulation but gave public time till September 30 to either deposit such notes in accounts or exchange them at banks.
Unlike the November 2016 shock demonetisation when old Rs 500 and Rs 1,000 notes were invalidated overnight, the Rs 2,000 notes will continue to be a legal tender till September 30.
In a statement, the Reserve Bank of India (RBI) said it has asked banks to stop issuing Rs 2,000 notes with immediate effect.
While the RBI did not specify a limit for depositing the Rs 2,000 currency notes in bank accounts, exchange of a maximum of Rs 20,000 (10 notes of Rs 2,000) for other currency notes will be allowed at a time.
The move comes amid concerns of the highest denomination notes being used to hoard black money. The RBI had stopped printing Rs 2,000 notes in 2018-19 and the notes were rarely in circulation.
The Rs 2,000 denomination bank note was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1,000 bank notes in circulation at that time.
The RBI said it has also been observed that Rs 2,000 denomination note is not commonly used for transactions. Further, the stock of bank notes in other denominations continues to be adequate to meet the currency requirement of the public, it added.
“In view of the above, and in pursuance of the ‘Clean Note Policy’ of the Reserve Bank of India, it has been decided to withdraw the Rs 2,000 denomination bank notes from circulation,” the RBI said. (PTI)

spot_img
spot_img

Related articles

Jaipur, Jaisalmer poised to serve as centres of world economy, says Dharmendra Pradhan

Jaipur, Dec 11:  Union Education Minister Dharmendra Pradhan said on Wednesday that India is poised to become the...

‘No secular govt, no development’: Shehla Rashid slams Cong rule for laggardness of Muslims

New Delhi, Dec 11: Former JNU students' union leader and activist Shehla Rashid on Wednesday blamed the 'decades...

Indian Americans urge UN to recognise plight of Hindus in Bangladesh as ‘ongoing genocide’

New Delhi, Dec 11: Urging governments, global organisations, private companies and individuals to stand with the Hindus of...

GSU seeks extension of scholarship submission deadline

Tura, Dec 11: The Garo Students' Union (GSU) led by Tengsak on Wednesday urged Chief Minister Conrad Sangma...