DelhiDesk: The Reserve Bank of India’s recent step is different from the 2016 announcement where the 500 and 1,000 rupee notes were demonetized and replaced with Rs 2,000 notes.
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👉 RBI’s recent step is different from the sudden demonetization of November 2016.
👉 In 2016, notes of 500 and 1,000 rupees were withdrawn from circulation overnight.
👉 RBI had then issued Rs 2,000 notes.
👉 The current step by RBI involves withdrawing certain series of currency notes over a period of time.
👉 RBI has cited reasons such as the need to curb black money and promote digital transactions for this move.
👉 The affected notes include those of Rs 100, Rs 10, Rs 5, Rs 2 and Re 1.
👉 The withdrawal process will begin from January 2021.
👉 RBI has assured that all notes will remain legal tender and can be exchanged at any bank.
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