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New Delhi: 2000 rupee notes are being taken out of circulation in the country. The Reserve Bank of India (RBI) has advised people to exchange these notes by 30 September. 20 thousand rupees at a time, that is, up to 10 notes of 2000 rupees can be changed in the bank and small notes can be taken in their place. All banks will have the facility to exchange 2000 rupee notes. RBI has asked all banks to immediately stop issuing Rs 2,000 notes.
The central bank has said that it is withdrawing Rs 2,000 notes from circulation and people can exchange these notes till September 30. The 19 regional offices of the Reserve Bank of India (RBI) will start taking Rs 2,000 notes for exchange with notes of lower denominations from May 23.
Significantly, in November 2016, after Prime Minister Narendra Modi banned Rs 1,000 and Rs 500 notes overnight, the Reserve Bank started printing Rs 2,000 notes.
The RBI said in a statement, “The purpose of introducing Rs 2,000 bank notes was served when bank notes of other denominations became available in sufficient quantity. Therefore, the printing of Rs 2000 notes was discontinued in 2018-19.”
RBI said, “To ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 bank notes in other denominations in any bank with effect from May 23, 2023. To a limit of 20,000 at a time.” Can be changed.”
The Reserve Bank of India has told people that they can deposit 2000 rupee notes in the bank till 30 September or replace them with notes of lower denominations.
RBI said, “About 89 per cent of the Rs 2,000 denomination banknotes were issued before March 2017. Their estimated life of four-five years is now coming to an end. Bank notes of this denomination will expire on March 31, 2017. It was at its peak in circulation in 2018. Then 6.73 lakh crore rupees of two thousand were in circulation. This circulation decreased to 3.62 lakh crore on 31 March 2023.
The central bank said that this note is not commonly used for transactions. In 2013-2014 too, RBI had withdrawn the notes from circulation in a similar manner.
According to the annual report of the Reserve Bank, not a single note of Rs 2000 has been printed in the three financial years from 2019 to 2022. The circulation of notes of this denomination has reduced considerably in the market.
With the announcement made by Prime Minister Narendra Modi on the evening of 8 November 2016, 500 and 1000 rupee notes were out of circulation in the country. After this, new notes of 500 rupees were printed and a new denomination note of 2000 rupees came in the market. 2000 rupee note was the most prevalent in the country in the financial year 2017-2018. Then there were 33,630 notes of 2000 rupees worth 6.73 crores in the market.
