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Why RBI decided to withdraw Rs 2,000 note from circulation

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NEW DELHI: The Reserve Bank of India on Friday announced to withdraw Rs 2,000 note from circulation and fixed September 30 deadline for people to deposit or exchange the notes in their possession. The process of deposit or exchange will start from May 23.

The Reserve Bank has advised all banks to stop issuing Rs 2,000 denomination banknote with immediate effect. However, the Rs 2,000 note will continue to remain a legal tender even beyond the withdrawal date.

Here’s why the central bank took this decision:

  • Rs 2,000 note was introduced in November 2016 primarily to meet the currency requirement of the economy after the withdrawal of legal tender status of Rs 500 and Rs 1,000 banknotes in circulation at that time. That objective has been met as banknotes in other denominations are now available in adequate quantities.
  • About 89% of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years.
  • RBI observed that Rs 2,000 note are not commonly used for transactions
  • The total value of Rs 2,000 banknote in circulation declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 – 37.3% of Notes in Circulation – to Rs 3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023.
  • The decision has been taken in pursuance of RBI’s “Clean Note Policy”. RBI has taken such measures earlier also. In January 2014 under the then UPA government, the RBI had announced to phase out all banknotes issued prior to 2005. It had then set a deadline of March 31, 2014 for the use of old notes and advised people to approach banks from April 1, 2014 to exchange them.
  • The decision is part of RBI’s ongoing efforts to rationalise the currency structure and improve the availability of lower denomination banknotes.

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