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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๐Ÿ‘‰ RBI’s recent step is different from the sudden demonetization of November 2016.
๐Ÿ‘‰ In 2016, notes of 500 and 1,000 rupees were withdrawn from circulation overnight.
๐Ÿ‘‰ RBI had then issued Rs 2,000 notes.
๐Ÿ‘‰ The current step by RBI involves withdrawing certain series of currency notes over a period of time.
๐Ÿ‘‰ RBI has cited reasons such as the need to curb black money and promote digital transactions for this move.
๐Ÿ‘‰ The affected notes include those of Rs 100, Rs 10, Rs 5, Rs 2 and Re 1.
๐Ÿ‘‰ The withdrawal process will begin from January 2021.
๐Ÿ‘‰ RBI has assured that all notes will remain legal tender and can be exchanged at any bank.

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