RBI is suddenly withdrawing two thousand notes: After only seven years of cancellation warning, why is RBI withdrawing 2000 notes from the market?
From 2016 to 2023, the tour is about to end after exactly seven years! Now the Reserve Bank of India has ordered to completely withdraw 2000 rupee notes from the market. Although there is a slight difference with 2016 in the type of demonetisation this year. This time, not overnight, the Reserve Bank wants to withdraw all the 2000 rupee notes from the market with some time. But Ancora is a new note, also rich in modern features, yet speculations have already started as to why it could not survive for long.
This was reported several days ago. The newly launched Tk 2000 notes were gradually reduced in the market. Even if they went to withdraw money from the bank or ATM, the customers could not get the Tk 2000 notes. This note has also come up in the headlines several times to the effect that it may be closed. Finally the holiday bell rang. Reserve Bank of India fixed the deadline till September 30. In the meantime, those who have these notes have been directed to deposit them in the bank. It has been informed that up to 20,000 rupees can be deposited at once.
Demonetization once again! But why? As the reason for this, the RBI first mentioned the accounting aspect of the use of these notes. It is known that the tendency to use high value bank notes in transactions has gradually decreased among the public. As a result, these notes started losing little by little from the market in the last few years. As of March 31, 2023, only 10.8 percent of the bank notes in circulation are in the 2000 rupee note.
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On the other hand, RBI also said that in 2016, customers had to face a lot of problems due to the overnight demonetisation. So after demonetisation of Rs 500 and Rs 1000 notes, Rs 2000 notes were quickly issued to meet the shortage of currency notes in the market. But, now the situation has changed. Indian notes of other denominations like 500, 200, 100 rupees are now in circulation in fair amount. Which is enough to meet the needs of the common man. Therefore, RBI considers that the purpose for which the Rs 2000 note was printed has been completed.
Although the date of demonetisation was announced today, preparations for it had already started. After coming into the market in November 2016, the RBI stopped printing 2000 rupee notes in 2018-19. As a result, it has been seen that most of the Tk 2000 notes currently in circulation in the market were issued before March 2017. And they are already past their four-five year shelf life. The real reason for this is the clean note policy. The essence of this policy is that the RBI ensures that the quality of notes currently being exchanged in the market is good. That is, RBI takes care that dirty or torn or unusable notes do not remain in the market. And from the point of view of this policy, 2000 rupees note has been hit. As a result RBI is going to take this decision after judging from all aspects. On the one hand, due to the movement of other notes in the market and on the other hand, the push of the clean note policy, the pink note is going to disappear due to these two effects.