When was the 2000-rupee note introduced?
In 2016, the government discontinued the use of old 500 and 1000-rupee notes. Following this, in November 2016, the Reserve Bank of India (RBI) introduced the 2000-rupee note. This note replaced the old 500 and 1000-rupee notes and addressed the currency requirements following demonetisation.
However, as other currency notes became available in sufficient quantities, the RBI stopped printing the 2000-rupee notes in 2018-19. Recently, RBI announced that 2000-rupee notes would be discontinued.
Why has the RBI discontinued the 2000-rupee notes?
RBI says that the 2000-rupee notes have reached the end of their useful life. These notes are rarely used for transactions, and finding change is difficult. So, people use more readily available currency notes like the 500, 200, and 100-rupee notes.
Considering all these and keeping in line with RBI’s "Clean Note Policy," the organisation has withdrawn the 2000-rupee notes.
What is the clean note policy of the RBI?
This policy aims to give Indian citizens high-quality currency notes and coins with improved safety features. Old, spoiled, and dirty notes are removed from circulation under this policy. This policy also helps reduce counterfeit cash in the country by encouraging everyone to exchange old notes for new ones.
RBI has asked the public to change their 2000-rupee notes and has issued guidelines for doing so.
How can someone change their 2000-rupee notes?
From 23rd May 2023, people can exchange their 2000-rupee notes at their bank or the regional offices of the RBI. They can do so till 30th September 2023. A person can exchange 2000-rupee notes for other notes up to Rs. 20,000 at a time.
Citizens can exchange their notes at any bank, even if they don’t have an account there. Also, the 2000-rupee notes are still legal tender. Individuals can still use them to make payments for now. However, the RBI encourages everyone to deposit or exchange them. Still, one must watch RBI’s website for any further instructions.
