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Rs 2000 Note Ban: Demonization is back; Check out the deadline this time

Rs 2000 Note Ban: Up to 20,000 rupee notes will be exchanged at a single time, according to sources. Mark your calendars for September 30th if you possess 2000 notes. Visiting the bank earlier can facilitate the change. In addition, the user will receive an alternative valid form of currency.

In a significant move, the Reserve Bank of India has made another major decision. The Reserve Bank of India (RBI) has made a significant announcement regarding the discontinuation of Rs 2000 notes that were issued post the demonetisation drive in 2016. Despite the announcement, the 2000 rupee notes currently in circulation will continue to remain in use for the foreseeable future.

In a recent development, the Reserve Bank of India has instructed banks to discontinue the issuance of Rs 2000 notes with immediate effect. According to a statement released by the Reserve Bank of India (RBI), the notes in question will continue to be in circulation until September 30th. Individuals in possession of 2000 rupee notes will be required to exchange them at a bank, according to reports.

According to a press release by the Reserve Bank of India (RBI), the printing of Rs 2000 notes had been ceased in the fiscal year 2018-19. In November of 2016, following the demonetisation initiative, a new 2000 rupee note was introduced. In a move of demonetization, the Indian government discontinued the use of 500 and 1000 rupee notes.

The latest developments concerning the 2000 rupee note are as follows:

Up to 20,000 rupee notes will be exchanged at a time, according to sources. Mark your calendars for September 30th if you possess 2000 notes. Visiting the bank earlier can facilitate the change. Starting today and until September 30th, individuals can visit their nearest banks to exchange up to 2000. In addition, the user will receive an alternative valid currency.

A bank has installed a unique window for exchanging notes.

As per the guidelines set forth by the Reserve Bank of India (RBI), banks are required to establish dedicated counters for the exchange of 2000 rupee notes. This measure has been implemented to facilitate the seamless exchange of 2000 rupee notes for customers. As per recent estimates, the current circulation of Rs 2000 notes amounts to a staggering Rs 3.62 lakh crore. It remains to be seen how many notes will be returned to the bank.

The reason behind the discontinuation of the 2000 rupee notes.
According to BJP MP and former Deputy Chief Minister of Bihar, Sushil Kumar Modi, it has been reported that the 2000 rupee notes have been primarily deposited by affluent individuals, while the common people have not been in possession of this currency. In countries such as America and the UK, large banknotes are not commonly used. India is following suit. This step is expected to bring out any black money that may be present in the market. In a move to combat the funding of illegal activities, a decision has been made to curb the financing of tater operations.

In a significant move, Prime Minister Narendra Modi announced on November 8, 2016 that all 500 and 1000 rupee notes would be taken out of circulation. As a result, these notes were no longer accepted as legal tender. The Reserve Bank has replaced the old currencies with new notes of 500 and 2000 rupees. According to the Reserve Bank, the introduction of the Rs 2000 note was expected to sufficiently make up for the value of the notes that were withdrawn from circulation.

Newsdesk

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