RBI withdraws Rs.2000 notes

RBI withdraws Rs.2000 notes

News: The central bank has advised the public to deposit Rs 2000 banknotes, into their bank accounts and /or exchange them into banknotes of other denominations at any bank branch.

Why has the RBI withdrawn Rs 2000 notes?
 With the fulfilment of the objective, the printing of Rs 2000 notes was stopped in 2018-19.
 The RBI issued the majority of the Rs 2000 denomination notes prior to March 2017 – now at the end of their estimated lifespan of 4-5 years. Therefore, in pursuance of the Clean Note Policy of the RBI, it has been decided to withdraw the Rs 2000 denomination banknotes from circulation.

What is the Clean Note Policy?
 The Clean Note Policy seeks to give the public good-quality currency notes and coins with better security features, while soiled notes are withdrawn out of circulation.
 Under the policy, the RBI had earlier decided to withdraw from circulation all banknotes issued prior to 2005 as they have fewer security features.

Will the Rs 2000 banknotes continue to be legal tender?
 Though the RBI wants people to complete the deposit/exchange of Rs 2000 notes by September 30, the notes will continue to remain legal tender in case someone fails to complete the deposit or exchange by this date, according to the Government. 

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