The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2000,2000 notes from circulation. It has been emphasized that the 30 rupee note is going to be a legal tender, just that it will not be printed further. People can also deposit 2000 rupees notes in the bank till 2000 September. A question is definitely coming in the minds of people that why was this 2000 rupee note introduced?
Why did the Rs 2000, note start?
In fact, this whole story started in the year 2016 when the government announced demonetisation of 500 and 1000 rupee notes. When these two currencies were taken out of circulation, it was decided to introduce a big note to compensate. In such a situation, a 2000 rupee note was launched. It was also said about this note that it was equipped with a variety of security features and it was equally difficult to imitate.
What is the connection with demonetisation?
Another thing that needs to be understood is that at the time of demonetisation, 500 and 1000 rupee notes were 80 percent of the economy, so when these notes went out of circulation, it became a big challenge for the RBI to compensate for them. It was told that even if the notes were printed continuously for 24 hours, it would have been difficult to bridge that gap. For this reason, the Rs2000 rupee note was introduced because that big difference was compensated in fewer notes. One figure also shows that by 2017, 2000 rupees note had a 50 percent share in the economy.
The circulation was gradually reduced.
But since 2018, the circulation of Rs2000 rupee notes had decreased significantly. There was a time when it was said that the 2000 rupee note suddenly disappeared from the market. Then the government had said that there is no intention to ban 2000 rupees, only its circulation has been reduced. Now in the same episode, RBI has taken this big decision and withdrawn the 2000 rupee note. People can deposit these notes in the bank till September 30. The big thing is that only 20 thousand rupees rs2000 notes will be withdrawn at a time.