India’s central financial institution, the Reserve Bank of India (RBI) on Friday introduced the withdrawal of the Rs 2000 denomination banknotes from circulation. However, the banknotes will proceed to be authorized tender. The transfer comes as a part of the central financial institution’s “Clean Note Policy,” which prioritizes offering good high quality forex notes. The RBI said a majority of the notes have been discovered to have accomplished their estimated lifespan. Hence, the withdrawal of Rs 2000 denomination banknotes will imply Rs 500 notes would be the highest denomination forex in circulation.
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Exchange Until September 2023
The central financial institution will permit alternate of the ₹2000 banknotes as much as September 30, 2023. In view of the general public comfort, the RBI additionally positioned a restrict of ₹20,000 for single alternate. Fresh issuance of the financial institution notes will probably be discontinued with speedy impact, the central financial institution mentioned in a round.
“With a view to minimize inconvenience to the public, to ensure operational convenience and avoid disruption of the regular activities of bank branches, all banks may exchange ₹2000 banknotes upto a limit of ₹20,000/- at a time.”
The precise goal for the launch of Rs 2,000 notes was to fulfill the speedy forex requirement of the economic system after withdrawal of the authorized tender standing of all ₹500 and ₹1000 banknotes in circulation in November 2016. Therefore, now that the aim if fulfilled, the best denomination notes will probably be withdrawn.
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