Demonetisation 2.0? Why RBI Withdrawing Rs 2,000 Notes is Not Like 2016 Note Ban Check Reason

The statement issued by the Reserve Bank Of India (RBI) has surprised the public. The recent announcement of RBI that was made on Friday to stop the circulation of Rs 2000 notes has created reactions among the public. Is it the same as the note ban procedure of 2016 or the note will be accepted as a legal tender in future? The printing of the Rs 2000 notes was stopped in 2018-19. What is the reason behind this decision? In the recent press release by the central bank, many details have been revealed that we are sharing with you. Read out the whole article to get the entire information of the press release.

Demonetisation 2.0? Why RBI Withdrawing Rs 2,000 Notes is Not Like 2016 Note Ban Check Reason

In a surprising press release, RBI has issued an order to the banks to stop issuing Rs 2000 notes to the public and people can deposit their Rs 2,000 notes into their bank accounts and exchange them for notes of other denominations from May 23 till September 30. But the Rs 2000 note will continue as legal tender unlike in 2016 when all Rs 500 and Rs 1,000 denomination notes were demonetised and were stopped used as legal tender. But RBI has directed that Rs 2000 notes should be exchanged before September 30, 2023. The statement by RBI is targeted by the Congress and the party is expressing it as demonetisation 2.

Demonetisation 2.0? Why RBI Withdrawing Rs 2,000 Notes

Various congress party leaders are posting their reactions on Twitter against the Modi government and claiming the act as a disaster. However, RBI has given reasons for such a decision. One is that the Rs 2000 denomination is not commonly used for transactions by the public. Also, RBI said that the value of these notes has declined over the years and constitutes only 10.8 percent of the notes in circulation as of March 31, 2023. The decision of RBI is also in pursuance of the “Clean Note Policy” – a policy to ensure the availability of good quality notes to the members of the public.

However, the people are surprised and especially the reactions of congress leaders are surfacing on the internet some are targeting Prime Minister Narendra Modi as a ‘Self-styled Vishwaguru’ and targeted the method as a ‘First act, Second think’ and Modi lovers are posting the reactions in a positive way that it’s going to be a masterstroke against corruption. RBI has also declared that 2000 denomination banknotes is a gradual process and will be completed in a phased manner. The public will be given adequate time to deposit or exchange their Rs 2000 denomination banknotes i.e. till Sep 30. Let’s see how the procedure works. Stay tuned.

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