RBI – Reserve Bank of India has withdrew Rs.2000 notes from circulation. They have stated that 2000 notes will continue as legal tender. With immediate effect RBI has called back all the Rs.2000 notes. They have asked all Banks to not issue new 2000 notes to depositors on withdrawal. RBI has given time till 30th September for citizens to exchange their existing Rs.2000 notes.
Per person RBI has put an exchange limit of up to Rs.20,000 valued Rs.2000 notes per transaction. From 23rd May the notes will not be used for regular tender. After 30th September, Rs.2000 notes will continue as legal tender but people won’t be allowed to deposit. Till then, Banks will accept depositing of Rs.2000 notes and exchange to normal denomination of Rs.500 and Rs.1000 notes. RBI has stated that this will decrease Black Money holding at home.
In 2016, RBI has announced demonetization and now, they’ve called back Rs.2000 notes. People are going mad over this decision and looking to know more about this development. Actually, there is no need to worry as RBI has done this before too. They have stated that they have already increased printing of other denomination notes. RBI website has crashed after the announcement.
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