Demonetisation happened again! Now RBI issued decree on 2000 note

Demonetisation 2023: The Reserve Bank has taken a big decision regarding the Rs 2000 note issued after demonetisation. The Reserve Bank of India has advised banks to stop issuing banknotes in the denomination of Rs 2,000 with immediate effect. However, banknotes in the denomination of Rs 2000 will continue to be legal tender. The RBI said in a release on Friday that the Rs 2,000 note has been withdrawn from circulation. But it will continue to be legal tender. This note of Rs 2,000 was introduced in November 2016. According to the order of the Reserve Bank, if you have a note of 2000 rupees, then you can change your 2000 note by going to the bank between 23 May to 30 September. 10 notes of 2 thousand can be changed at a time

Reserve Bank of India has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect though banknotes in Rs 2000 denomination will continue to be legal tender. https://t.co/yLWWpyuahL pic.twitter.com/kPTMqlm1XD

— ANI (@ANI) May 19, 2023

What is the effect of this decision

After this order of the Reserve Bank, you should understand some things. The first thing is that the Reserve Bank has forbidden the banks to issue this note. It is still legal tender. If you have this note then you do not need to panic. You can exchange this note by going to the bank from 23 May to 30 September. 10 notes of 2 thousand can be changed at a time. That is, notes up to 20 thousand rupees can be changed at a time.

Printing is closed since 2018

The 2000 note launched in 2016 after demonetisation was brought under Section 24(1) of the RBI Act 1934. But due to being a big note, this note appeared to be out of circulation after a few days. According to the Reserve Bank's report, printing of Rs 2,000 banknotes was stopped in 2018-19.

According to RBI, the printing of Rs 2000 notes was stopped in the financial year 2018-19. About 89 per cent of the total circulated notes of Rs 2000 were issued before March 2017.

As on March 31, 2018, Rs 2000 notes worth Rs 6.73 lakh crore were in circulation, which by March 31, 2023, the circulation of Rs 2000 notes has come down to Rs 3.62 lakh crore, which is only 10.8 percent of the current circulated currency. According to RBI, at present the use of Rs 2000 notes is not being seen.

RBI said in the annual report for the year 2021-22 that

Rs 2,000 notes accounted for 17.3 per cent of total currency circulation in 2020-21

Rs 5,47,952 worth of Rs 2000 notes were in circulation in 2019-20

22.6 percent share in total notes

In 2020-21, it reduced to a value of Rs 4,90,195 crore.

The number of Rs 2,000 notes further reduced in total currency circulation in 2021-22

The number of notes was reduced to Rs 4,28,394 crore