"RBI Withdraws ₹2000 Banknotes from Circulation, Maintains Legal Tender Status"

The Reserve Bank of India (RBI) has made the decision to withdraw the ₹2000 denomination banknotes from circulation, although they will still be considered legal tender. The RBI has advised banks to immediately stop issuing ₹2000 banknotes. The ₹2000 note was introduced in November 2016 following thxe withdrawal of the ₹500 and ₹1000 banknotes at that time.


According to sources cited by news agency ANI, the ₹2000 banknotes will continue to be legal tender even after September 30th. The RBI expects that within the four-month timeframe, most of the ₹2000 notes in circulation will be returned to banks. The RBI emphasizes that this is a routine exercise and urges the public not to panic.



The RBI stated that the objective of introducing the ₹2000 banknotes was achieved once banknotes in other denominations became readily available. The printing of ₹2000 banknotes was discontinued in 2018-19. The majority of ₹2000 banknotes, about 89%, were issued prior to March 2017 and have reached their estimated lifespan of 4-5 years. The total value of ₹2000 banknotes in circulation has significantly decreased over time.


The RBI assures that an adequate stock of banknotes in other denominations is available to meet the currency requirements of the public. Considering this, and in line with the "Clean Note Policy" of the RBI, the decision has been made to withdraw the ₹2000 banknotes from circulation while maintaining their legal tender status. It is worth noting that a similar withdrawal of notes from circulation was previously carried out by the RBI in 2013-2014.


Public can deposit their ₹2000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch. Deposits can be made without restrictions and in accordance with existing instructions and statutory provisions. To ensure operational convenience and avoid disruption, the exchange of ₹2000 banknotes for other denominations will be limited to ₹20,000 at a time, starting from May 23, 2023.

Comments

Post a Comment

Popular posts from this blog

Is Ethonal the next game changer?

Image
Is Ethanol blending the next game changer?  India's E20 India launched a pilot for E20, or petrol blended with 20% ethanol at the ‘India Energy Week’ in Bengaluru, bringing forward by two years the launch of a cleaner-burning version of petrol. What is Ethanol Blending? Ethyl alcohol or Ethanol (C2H5OH) is a biofuel that is naturally made by fermenting sugar. While it is mostly derived by extracting sugar from sugarcane, other organic matter like foodgrains can also be used for its production. As part of its carbon reduction commitments, India has launched the Ethanol Blended Petrol (EBP) programme to mix this biofuel with petrol to reduce the consumption of fossil fuel. Earlier, the government announced the achievement of E10 target, that is, the petrol used in the country has 10% ethanol in it. Then PM launched the pilot of E20 across at least 15 cities. The same is expected to be rolled out across the country in a phased manner in the coming months and years. Why E20
Read more

🌟 Embracing Economic Flourish: The Grandeur of Indian Weddings! 🎊💼

Image
🌟 Embracing Economic Flourish: The Grandeur of Indian Weddings! 🎊💼   The Indian wedding season isn't just a celebration of love; it's a powerhouse for businesses and the economy! Here's a glimpse into the thriving industries set to shine during this festive period:   1. Glittering Gold Rush: Jewelry Industry 💍 Indulge in the dazzling allure of gold and diamonds as the jewelry industry anticipates a massive surge, contributing up to 60% of the year's total revenue.   2. Fashion Forward: Fashion and Apparel Industry 👗 From breathtaking bridal wear to stunning guest ensembles, the fashion and apparel industry gears up for high demand, setting trends and adding glam to the celebrations.   3. Hospitality High: Hospitality Industry  🏨  As guests travel far and wide, hotels and resorts experience a surge in occupancy, boosting revenue and creating job opportunities in the thriving hospitality sector.   4. Mastering the Grandeur: Wedding Plannin
Read more

Do you think India really needs another time zone?

Image
Do you think India really needs another time zone? Each night, the sun sets over an hour and a half later in western India than in the east of the nation, yet the whole nation follows a similar time region. Later nightfall implies individuals stay conscious longer, which prompts lack of sleep among youngsters and adversely influences their review endeavors, another concentrate by an examination researcher at Cornell University has found. Because of resting late, kids are less inclined to finish essential and center school, and this effect is generally articulated among unfortunate families, says the review, ‘Poor Sleep: Sunset Time and Human Capital Production’, which investigated the outcomes India faces by working under a solitary time region. "Back-of-the-envelope gauges propose that India causes yearly human resources expenses of generally $4.1 billion (almost Rs 29,000 crore) or 0.2% of ostensible GDP [Gross Domestic Product] because of the current arrangement directing time r
Read more