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Reserve Bank of India: RBI has ordered withdrawal of Rs 2000 note from circulation. RBI has made it clear that the 2000 rupee note will remain legal tender till September. That is, first it is necessary to understand that this decision is not demonetisation. The RBI said with some conditions that the 2000 note can be deposited or exchanged in banks for about four months, i.e. till September 30. 500, 1000, 5000 and 10,000 notes have gone out of circulation in India before, but most people are not aware of this. In such a situation, here are some interesting facts related to demonetisation in India.
What is demonetization anyway?
As far as demonetisation is concerned, the process of banning high-value notes from circulation from time to time is aimed at cleaning up cash flow and preventing hoarding of black money and fake notes, say economic experts. Before May 19, 2023, many decisions have been taken regarding legal tender or circulation of notes in many cases in the country.
500 to 10,000 notes have also been banned in the country.
Because earlier 1000, 5000 and 10000 notes were in circulation in India. But that time was different. Notes above 100 rupees were demonetized before independence. That is, in the past, big notes were taken out of circulation by taking a decision like demonetisation. In such a situation, RBI’s recent decision on the 2000 note means that it does not come under the ambit of demonetisation. This order deals with demonetisation of these notes at home, market and everywhere.
India’s first demonetisation
The country’s first demonetisation was implemented in January 1946, a year before independence, when the previous 500, 1000 and 10,000 notes were demonetised. According to the information available on the RBI website, Central Bank 10,000 rupee note was printed for the first time in 1938. These were the largest notes ever printed by the RBI, which was stopped by demonetisation in January 1946. 10,000 note was re-introduced in 1954, but was again withdrawn from circulation in 1978.
What was the situation like in 1978?
On 16 January 1978, Morarji Desai’s government announced the withdrawal of 1000, 5000 and 10,000 rupee notes from circulation. The next day, after the government announced demonetisation on January 17, all banks and their branches were asked to close their treasury departments for transactions.
It should be noted that
Later, Prime Minister Modi’s first term government announced that the 500 and 1000 notes issued under the Mahatma Gandhi series would no longer be legal tender from midnight on 8 November 2016. Meanwhile, the whole country was lining up outside the bank. But, gradually the situation returned to normal.
