After demonetisation, the Reserve Bank of India introduced Rs 2000 as new notes. Now RBI has decided to withdraw 2,000 denomination notes from circulation.RBI BIG Updates on Rs, 2000 currency: RBI withdrawal from circulation Rs 2000 notes.
The RBI’s decision to withdraw the 2,000-denomination notes from circulation said the notes will continue to be legal tender till September 30.
RBI to withdraw Rs 2,000 currency notes from circulation; the notes will continue to be legal tender till September 30, says Reserve Bank of India.
RBI asks banks to provide deposit and/or exchange facility for Rs 2,000 notes until September 30, 2023.
The Rs 2,000 denomination bank note was introduced in November 2016 after the Modi government had introduced demonetisation of Rs 500 and Rs 1,000 notes. As per RBI, the objective of introducing Rs 2,000 notes was met once banknotes in other denominations became available in adequate quantities.
The RBI had stopped the printing of Rs 2,000 banknotes in 2018-2019. Also, about 89 per cent of the Rs 2,000 denomination notes issued before March 2017 are said to be at the end of their estimated lifespan of 4-5 years.
The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to Rs 3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023.