DelhiDesk: The Reserve Bank of India (RBI) has announced the withdrawal of the Rs 2,000 note, which was issued after the demonetisation of 2016, but the notes currently in circulation will remain legal tender until September 30th. Banks have been advised to stop issuing new Rs 2,000 notes, and people can deposit the notes into their bank accounts or exchange them for other denominations. The announcement comes amid concerns that the notes were being used to accumulate black money. RBI had stopped printing Rs 2,000 notes from the 2018-19 financial year, and about 89% of the notes were issued before March 2017.
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👉 The Reserve Bank of India announced the withdrawal of Rs 2000 note issued after the demonetisation of 2016.
👉 The 2000 notes present in the market will remain in circulation for the time being.
👉 Banks of the country have been advised by the Reserve Bank of India to stop issuing new Rs 2000 notes to customers.
👉 Two thousand rupee note will remain legal tender till 30 September.
👉 People can deposit the Rs 2,000 note in their bank accounts or take notes of other denominations by visiting banks and 19 regional offices of the RBI.
👉 Two thousand notes can be deposited in bank accounts without any hindrance, subject to meeting Know Your Customer (KYC) norms.
👉 People can exchange Rs 2,000 notes up to a maximum value of Rs 20,000 in a day from May 23.
👉 Bank account holders can exchange Rs 2,000 notes up to Rs 4,000 through bank representatives.
👉 The two thousand rupee note was allegedly being used to accumulate black money and convert black money into white, leading to its removal from circulation.
👉 RBI had stopped printing Rs 2,000 notes from the financial year 2018-19.
👉 About 89 percent of the two thousand rupee notes were issued before March 2017.
👉 In March 2018, the share of two thousand rupee notes in the total notes in circulation was 37.3 percent, which decreased to 10.8 percent on March 31, 2023. In terms of value, in March 2018, notes worth Rs 6.73 lakh crore were of Rs 2,000, while on March 31, 2023, their value remained Rs 3.62 lakh crore.
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