The Reserve Bank of India (RBI) has withdrawn the circulation of the Rs 2,000 denomination banknotes. People don’t want to fret, because the banknotes will stay authorized tender until the deadline for depositing or withdrawing the Rs 2,000 banknotes which is September 30.
People can go to any financial institution and both deposit or change the Rs 2,000 banknotes on or earlier than September 30. RBI has requested the banks to permit the change of different denomination banknotes in change for Rs 2,000 denomination notes as much as Rs 20,000 at one time.
The withdrawal of the Rs 2,000 banknotes has been introduced take into account that 89 per cent of the notes printed in 2018 have now reached the top of their lifespan. Also, the aim of bringing the Rs 2,000 denomination notes was to satisfy the foreign money want of the nation which has been met now and therefore the printing of those notes was stopped in 2018-19.
While folks might consider this as one other try on demonetisation. But it’s not one other demonetisation and folks can use the Rs 2,000 notes until September 30.
Read: Rs 2,000 banknote withdrawn from circulation: Why it occurred, every little thing defined
