RBI withdraws Rs 2000 notes from circulationTop Stories

May 20, 2023 16:05
RBI withdraws Rs 2000 notes from circulation

(Image source from: Indiatoday.in)

The Reserve Bank of India has withdrawn Rs 2000 denomination currency notes from circulation. The central bank has released a statement on Friday stating the same. Bank has announced September 30th 2023 as the last date for exchange. Rs 2000 banknotes should be exchanged in banks up to Rs 20,000 at a time starting from May 23rd 2023. Using Rs 2000 notes is acceptable and can continue as the legal tender. There was no instruction given to the banks for not filling the Rs 2000 notes into the ATM centres.

After Demonitisation, this is the second surgical strike on black money in the country. RBI Deputy Governor said that Rs 2000 note withdrawal will be a curb on black money to a great extent. Rs 2000 currency notes were introduced in 2016 following the demonetisation of Rs 1000 and Rs 500 denomination bank notes. The printing of Rs 2000 was stopped in 2018-19.

Many political leaders have responded to the decision and Chandrababu Naidu was one of them who welcomed the withdrawal. Chandrababu Naidu wrote, "This will not only boost the economy but also add tremendous value to the efforts of honest individuals who work with integrity for the larger good of people,"

Chidambaram also welcomed the decision, he wrote, Rs 2000 note was never a 'clean' note. It was not used by the vast majority of the people. It was used only by people to keep their black money, temporarily!”

Jayaram Ramesh too informed the public through social media, he wrote, Typical of our self-styled Vishwaguru. First Act, Second Think (FAST). 2000 rupee notes introduced with much fanfare after that singularly disastrous Tughlaqi firman of Nov 8, 2016, are now being withdrawn.”

Many more politicians and analysts shared their idea on social media. For now everyone are happy with the decision. This time common public will not be effected like how it went at the time demonetisation as Rs 2000 is a bigger value note and will not be with poor.

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Tagged Under :
Rs 2000 notes  RBI