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Making a big announcement on Friday, the Reserve Bank of India said that the 2000 rupee note will be discontinued. It has to be deposited in banks by 30 September 2023. This note was introduced in 2016 after demonetisation. The reason behind its removal from circulation is counterfeit currency, damaged currency and lack of usage.
Finance Secretary TV Somanathan has explained why the decision to withdraw it from circulation has been taken and whether it will have any impact on the country’s economy.
Why was the 2000 rupee note removed from circulation?
Finance Secretary TV Somanathan said that the use of Rs 2000 notes has reduced due to increase in digital transactions. It was introduced during 2016 when it was widely used but now its trend is less in the market. With the proliferation of electronic transactions, there is no need to carry high denomination notes anymore.
What will be the effect on the economy?
A question has also arisen regarding the removal of Rs 2000 notes from circulation whether it will have any effect on the economy. On this, the Finance Secretary said that it will not have any effect on the economy. A report in Business Standard states that in any case these notes are not being used for the purpose of large scale transactions.
How much amount can be deposited in the bank at one go?
You can deposit cash in the bank at a time from Rs 2000 to Rs 20 thousand. Instead of this note in the bank, you will get bank notes of other currency. From May 23, 2023, Rs 2000 notes can be exchanged in banks.
Any provision for senior citizens and persons with disabilities
RBI has said in its circular that banks should make special arrangements for exchange of Rs 2000 notes for senior citizens and persons with disabilities. So that there is no problem.
