{"id":13744,"date":"2023-05-20T12:37:07","date_gmt":"2023-05-20T07:07:07","guid":{"rendered":"https:\/\/univest.in\/blogs\/?p=13744"},"modified":"2023-05-20T12:37:55","modified_gmt":"2023-05-20T07:07:55","slug":"rbi-withdraws-rs-2000-note-details-on-the-central-banks-move","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/rbi-withdraws-rs-2000-note-details-on-the-central-banks-move\/","title":{"rendered":"RBI Withdraws Rs 2000 Note: Details on The Central Bank’s Move"},"content":{"rendered":"

[vc_row type=”in_container” full_screen_row_position=”middle” column_margin=”default” column_direction=”default” column_direction_tablet=”default” column_direction_phone=”default” scene_position=”center” text_color=”dark” text_align=”left” row_border_radius=”none” row_border_radius_applies=”bg” overflow=”visible” overlay_strength=”0.3″ gradient_direction=”left_to_right” shape_divider_position=”bottom” bg_image_animation=”none”][vc_column column_padding=”no-extra-padding” column_padding_tablet=”inherit” column_padding_phone=”inherit” column_padding_position=”all” column_element_spacing=”default” background_color_opacity=”1″ background_hover_color_opacity=”1″ column_shadow=”none” column_border_radius=”none” column_link_target=”_self” column_position=”default” gradient_direction=”left_to_right” overlay_strength=”0.3″ width=”1\/1″ tablet_width_inherit=”default” tablet_text_alignment=”default” phone_text_alignment=”default” animation_type=”default” bg_image_animation=”none” border_type=”simple” column_border_width=”none” column_border_style=”solid”][vc_column_text css=”.vc_custom_1684566472701{margin-right: 16px !important;margin-left: 16px !important;border-right-width: 10px !important;border-left-width: 10px !important;}”]Many people had a d\u00e9j\u00e0 vu moment when the Reserve Bank of India (RBI) on Friday May 19, 2023, announced the withdrawal of Rs 2,000 currency notes from circulation. The last time when the RBI withdrew any currency from circulation was in 2016, when existing Rs 500 and Rs 1000 notes were demonetized, the memories of which are firmly imprinted in public memory.<\/span><\/p>\n

Explaining the move, the RBI said: \u201cAbout 89% of the \u20b92000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. The total value of these banknotes in circulation has declined from \u20b96.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to \u20b93.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023. It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public.\u201d<\/span><\/p>\n

People can continue to use these banknotes for their transactions and also receive them in payment till September 30, 2023. The central bank, however, said people\u00a0are encouraged to deposit and\/or exchange these banknotes on or before September 30, 2023. The Rs 2,000 notes, which were introduced in November 2016 after demonetisation, are the highest denomination in circulation in the country.\u00a0The withdrawal of Rs 2,000 notes due to increased fake currency in circulation.<\/span><\/p>\n

The RBI has addressed some of the key concerns regarding the discontinuation of the Rs 2000 note and some of these are listed below.<\/span><\/p>\n

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