The Reserve Bank of India (RBI) has decided to discontinue the issue of Rs.2000 banknotes. However, current notes will remain legal tender, the RBI declared on Friday.
The central bank has advised the public to deposit Rs.2000 banknotes, which were introduced after Rs.500 and Rs.1000 notes were withdrawn during the demonetisation exercise six years ago, into their bank accounts and /or exchange them into banknotes of other denominations at any bank branch.
The Rs.2000 note was introduced in November 2016 under Section 24(1) of The RBI Act, 1934, primarily with the objective of meeting the currency requirement of the economy expeditiously after the legal tender status of Rs.500 and Rs.1000 notes was withdrawn. With the fulfilment of that objective, and once notes of other denominations were available in adequate quantities, the printing of Rs.2000 notes was stopped in 2018-19.
The RBI issued the majority of the Rs.2000 denomination notes prior to March 2017, these notes are now at the end of their estimated lifespan of 4-5 years. This denomination is no longer commonly used for transactions, besides, there is adequate stock of banknotes in other denominations to meet currency requirements.
“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.2000 denomination banknotes from circulation,” the RBI said.
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