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:
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