In a statement released by the RBI on Friday, the Reserve Bank of India has decided to withdraw Rs 2000 notes from circulation as per Clean Note Policy. But the RBI said that the 2000 rupee notes will continue to be valid.
2000 rupee note was introduced to ensure the country’s cash flow while Prime Minister Modi announced the demonetisation move with massive planning. Why is such a 2000 rupees note being withdrawn from circulation within 6 years of its introduction..?
In a statement issued by the RBI, it has been announced to withdraw Rs 2000 notes from circulation as per the Clean Note Policy of the Reserve Bank of India. What is Clean Note Policy..?
The Clean Note Policy is a policy created by the Reserve Bank of India with the aim of providing quality currency notes to the people, but it is said that this policy was brought to eliminate black money and reduce it from the use of the people.
Business Today reported that the RBI officials said that the 2000 rupees have been returned under the Clean Note Policy due to the high number of fake notes in the 2000 rupee notes in India.
It has been said that the 2000 rupee note is equipped with the world’s most modern security features since it is equipped with a chip, but now it has been announced that it will be removed from circulation under the Clean Note Policy.
The 500 rupee note is manufactured just like the 2000 rupee note and all the security features are almost the same.
The 2000 rupee note was introduced in November 2016 under Section 24(1) of the RBI Act, 1934 by the Prime Minister Modi-led government to demonetise all old 500 and 1000 rupee notes and create the necessary currency circulation in the economy.
The objective of introducing 2000 rupee notes was achieved, and enough other denominations of notes were circulated in the market. Hence, printing of ₹2000 notes has been stopped in 2018-19.