DelhiDesk: The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2,000 notes from circulation, but they will remain legal tender until September 30. The RBI has asked banks to stop giving out Rs 2,000 notes with immediate effect and has also asked banks to provide facilities for depositing and exchanging these notes until September 30. However, only Rs 20,000 worth of notes will be exchanged at a time, and only ten notes can be changed at a time. The move is aimed at reducing dependence on high-value notes and promoting digital payments. RBI had stopped printing new Rs 2,000 notes in the financial year 2018-19 itself and gradually their circulation has reduced considerably. According to RBI, the Rs 2,000 note is no longer commonly used in transactions, and due to the availability of notes of other denominations in sufficient quantity with the banks, there will be no problem in giving notes to the people.
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👉 RBI has announced withdrawal of Rs 2,000 notes from circulation.
👉 Notes of this value can be deposited or exchanged in banks till 30 September.
👉 Banks have been asked to stop giving Rs 2,000 notes with immediate effect.
👉 RBI has asked banks to provide facility of depositing and exchanging these notes till September 30.
👉 RBI has not clarified maximum denomination of Rs 2,000 notes that a person can deposit in banks.
👉 This step of RBI is different from demonetisation made in November 2016 and will not have any impact on the economy.
👉 Purpose of this move of RBI is to reduce dependence on high value notes and promote digital payments.
👉 RBI had stopped printing new Rs 2,000 notes in the financial year 2018-19 itself.
👉 According to RBI, Rs 2,000 note is no longer commonly used in transactions.
👉 Bank notes of Rs 2,000 denomination will continue to be legal tender.
👉 People can exchange notes from May 23 to September 30 by visiting any bank branch.
👉 Only 10.8 per cent of the total notes in circulation are Rs 2,000 notes.
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