The Indian government has decided to demonetize the currency notes of 2 thousand rupees. The Central Bank has said that citizens can exchange Rs 2,000 notes till September 30.
According to Indian media reports, the government has decided to scrap the Rs 2,000 currency notes and 19 regional offices of the Reserve Bank of India (RBI) and other banks will replace the Rs 2,000 notes with smaller notes from May 23. Will start.
The Central Bank of India has informed all banks to immediately stop issuing Rs 2000 notes. In the year 2016, when Indian Prime Minister Narendra Modi abolished Rs 1,000 and Rs 500 notes overnight, RBI started printing Rs 2,000 notes from November 16, 2016.
The Reserve Bank of India has said in its statement that the purpose of introducing Rs 2,000 currency notes was achieved when the number of small notes was exhausted and they became available in large numbers, hence the Rs 2,000 notes. It was discontinued between 2018 and 2019.
The central bank says that the limit for exchanging 2000 rupee notes into small notes has been fixed at 20 thousand rupees which can be exchanged at a time from any bank from May 23.
The Central Bank of India has further said that citizens can exchange or deposit Rs 2,000 notes for small notes till September 30.
The central bank says that these notes are not commonly used for transactions, as the RBI had phased out such notes in 2013-2014.