MEXCIndia’s Central Bank Withdraws Rs 2000 Notes From Circulation
India’s central bank, the Reserve Bank of India (RBI) on Friday announced the withdrawal of the Rs 2000 denomination banknotes from circulation. However, the banknotes will continue to be legal tender. The move comes as part of the central bank’s “Clean Note Policy,” which prioritizes providing good quality currency notes. The RBI said a majority of the notes were found to have completed their estimated lifespan. Hence, the withdrawal of Rs 2000 denomination banknotes will mean Rs 500 notes will be the highest denomination currency in circulation.
Also Read: India Launches E-Rupee Pilot Project; Will It Affect Crypto Market?
Exchange Until September 2023
The central bank will allow exchange of the ₹2000 banknotes up to September 30, 2023. In view of the public convenience, the RBI also placed a limit of ₹20,000 for single exchange. Fresh issuance of the bank notes will be discontinued with immediate effect, the central bank said in a circular.
“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 actual objective for the launch of Rs 2,000 notes was to meet the immediate currency requirement of the economy after withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation in November 2016. Therefore, now that the purpose if fulfilled, the highest denomination notes will be withdrawn.
Also Read: Ripple SEC Lawsuit Settlement Incoming With Hinman Docs Delay?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Related Articles
- Bitcoin, Ethereum Continue Slide as U.S. Government Shutdown Continues
- U.S. Sanctions North Korea’s Crypto Network Funding Nuclear Programs
- Bitcoin Price Crashes Below $100K Even as Trade Tensions Subside
- FTX Collapse: SBF Claims Trial Was Biased and Unfair, Appeals FTX Fraud Conviction
- Unlock $16T RWA Market: BitFrac Makes Bitcoin Mining Accessible Now
- Dogecoin Price Risks 20% Crash as Death Cross Aligns With Falling DOGE ETF Inflows
- Will Bitcoin Price Recover When US Govt. Opens? On-chain Data Shows Recovery Might Take a While
- XRP Price Forecast as Price Nears a Death Cross Formation- Is a Crash Below $2 Inevitable?
- Why These Crypto Coins Are Soaring Today: DASH, ZEC, and ICP
- Is a Pi Coin Price Meltdown Ahead? November’s 2.4% Supply Unlock Sparks Warnings
- Solana Price Eyes Rebound as Institutional Demand Tops $3.2B YTD
