2000 Rupee Currency: The Reserve Bank of India made a big announcement on Friday saying that the Rs 2000 note will be withdrawn. It will have to be deposited in banks by September 30, 2023. This note was introduced after demonetisation in 2016. The reason for its removal from circulation is fake currency, damaged currency and lack of use.
Finance Secretary TV Somanathan has told why it has been decided to take it out of circulation and whether it will have any impact on the country’s economy or not.
Why 2000 rupee notes are being taken out of circulation
Finance Secretary TV Somanathan said that the use of Rs 2000 notes has come down due to the increase in digital transactions. It was introduced during 2016, when it was more used, but now its trend has reduced in the market. Keeping in view the proliferation of electronic transactions, there is no longer any need to carry high denomination notes, he added.
What will be the effect on the economy?
A question has also arisen regarding the 2000 rupee note being out of circulation, whether it is going to have any effect on the economy. On this, the Finance Secretary said that it will not have any effect on the economy. The Business Standard report states that anyway these notes are not being used for large scale transaction purposes.
How much amount can be deposited in the bank at one go?
You can deposit cash equal to the limit of Rs 2000 up to Rs 20 thousand at a time in the bank. Instead of this note in the bank, you will get bank notes of other currency. From May 23, 2023, Rs 2000 notes can be exchanged in banks.
Any arrangement for senior citizens and persons with disabilities
RBI has said in its circular that banks should make special arrangements for senior citizens and persons with disabilities to exchange Rs 2000 notes. So that there is no problem of any kind.
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