DelhiDesk The Reserve Bank of India (RBI) has announced the withdrawal of the INR 2,000 note from circulation, effective immediately. The RBI has also issued instructions to banks on how to detect and deal with counterfeit notes, with severe penalties for non-compliance. Banks have been instructed to sort all INR 2,000 notes for accuracy and genuineness, and to impound any counterfeit notes detected. The withdrawal of the INR 2,000 note is expected to have a major impact on the Indian economy, and has been met with mixed reactions.

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Here is the news bullets sorted by team.

– RBI has withdrawn the Rs 2000 note from circulation
– Banks have been instructed to follow RBI’s Master Direction on Dealing with Counterfeit Notes
– Notes will be sorted through machines for accuracy and genuineness
– Counterfeit notes will be stamped and not returned to the tenderer, failure to impound them will attract penalty
– Police should be informed in case of detection of counterfeit notes
– Banks advised to keep counters under surveillance of CCTV cameras
– Rs 2000 notes will remain legal but cannot be withdrawn from ATMs
– Cash usage at record level after 5 years of demonetization

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