2023-05-19 14:50:24
2The Reserve Bank has announced that it is withdrawing the Rs 2000 notes introduced in the country following the 2016 note ban. The existing 2000 notes will have exchange value. However, the time given to change these is till September 30. Can be deposited in banks or transferred.
In the order issued by the RBI announcing the withdrawal of Rs 2000 notes, two things have been pointed out as the reason for withdrawing the notes.
1. The Rs 2000 note was brought into circulation to meet the demand for currency when Rs 500 and Rs 1000 notes were banned in 2016. At present notes of other denominations are sufficiently available in exchange.’
2. 89% of the existing 2000 notes were printed before March 2017. The tenor of the notes is fixed at four to five years. It’s almost done.’
The Reserve Bank points out these two things. The RBI has stopped printing Rs 2000 notes from the financial year 2018-19. As of March 31, Rs 2,000 notes accounted for only 10.8 per cent of the total value of currency notes in circulation. In March 2018, the total value of 2000 notes in circulation was Rs 6.73 lakh crore. This was 37.3 percent of the notes in circulation at that time. By March 2023, the value of 2,000 notes in circulation has reduced to Rs 3.62 lakh crore. This is only 10.8 percent of the notes in circulation today. RBI also observes that the use of Rs 2000 for normal transactions is very low.
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