RBI To Withdraw Rs 2,000 Currency Notes, Will Remain Legal Tender Till 30 Sept
The Reserve Bank of India (RBI) will withdraw Rs 2,000 currency notes from circulation. The notes will continue to be legal tender till September 30, read a government statement.
The RBI stated in a statement, “The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of the RBI Act, 1934, primarily to meet the currency requirement of the economy quickly after all Rs 500 and Rs 1000 banknotes in circulation at that time lost their legal tender status. After sufficient notes in other denominations became available, the goal of launching Rs 2000 banknotes was achieved. Thus, the production of Rs 2000 banknotes was discontinued in 2018–19.”
The Reserve Bank of India has decided to remove the Rs 2000 denomination banknotes from circulation in accordance with its “Clean Note Policy.” The Rs 2000 banknotes will still be accepted as legal money.
In November 2016, the Rs 2000 denomination banknote was launched under Section 24(1) of the RBI Act, 1934, primarily to quickly address the economy's need for cash following the removal of the legal tender status of all Rs 500 and Rs 1000 banknotes in use at the time.
After sufficient notes in other denominations became available, the goal of launching Rs 2000 banknotes was achieved. So, in 2018–19, the production of Rs 2000 banknotes was halted.
