Cryptocurrencies, blockchain, NFT and new trends

India’s Central Bank Withdraws Rs 2000 Notes From Circulation

India’s central bank, the Reserve Bank of India (RBI) on Friday announced the withdrawal of the Rs 2000 denomination banknotes from circulation. However, the banknotes will continue to be legal tender. The move comes as part of the central bank’s “Clean Note Policy,” which prioritizes providing good quality currency notes. The RBI said a majority of the notes were found to have completed their estimated lifespan. Hence, the withdrawal of Rs 2000 denomination banknotes will mean Rs 500 notes will be the highest denomination currency in circulation.

Exchange Until September 2023

The central bank will allow exchange of the ₹2000 banknotes up to September 30, 2023. In view of the public convenience, the RBI also placed a limit of ₹20,000 for single exchange. Fresh issuance of the bank notes will be discontinued with immediate effect, the central bank said in a circular.

The actual objective for the launch of Rs 2,000 notes was to meet the immediate currency requirement of the economy after withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation in November 2016. Therefore, now that the purpose if fulfilled, the highest denomination notes will be withdrawn.

Recommended Articles

Crypto Telegram Channels List 2023 [Updated] Must Read Crypto Presale Projects For 2023 To Invest; Updated List Must Read Explained: What is Layer 0 in Blockchain? Layer Zero Crypto Examples Must Read Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated] Must Read Top 10 Web3 Games To Explore In 2023; Here List Must Read