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The decision is reminiscent of a shock move in 2016 when the Narenda Modi-led government had withdrawn 86% of the economy's currency in circulation overnight.
The bank notes in Rs 2,000 denomination will continue to be a legal tender, the RBI said. The existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.
In a veiled swipe at the BJP-led Centre, Tamil Nadu Chief Minister M K Stalin on Saturday said the Rs 2,000 currency notes withdrawal move is a ploy to hide the Saffron party's electoral debacle, as reported by PTI.
The Reserve Bank of India (RBI) on Friday said that it will withdraw the Rs 2,000 denomination banknote from circulation but it will continue as legal tender.
New Delhi, May 19: Reacting to the Reserve Bank of India's decision to withdraw Rs 2,000 currency notes from circulation, Vimal Nadar, the Head of Research at real estate firm Colliers India has called it a imely move aimed at prudent currency management.