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Rs 2000 Currency Notes Exchange: The RBI last week announced the withdrawal of Rs 2,000 currency notes from circulation but gave the public time till September 30 to either deposit such notes in accounts or exchange them at banks.
India's central bank, as part of its 'Clean Note Policy', declared that ₹2,000 currency notes will no longer be in circulation in the world’s fifth largest economy. The Reserve Bank of India has declared September 30, 2023, as the deadline to exchange the to-be-scrapped notes. The notes, however, will continue to be legal tender.
The RBI on Friday announced the withdrawal of Rs 2,000 currency notes, which were introduced in November 2016, from circulation.
As the Rs 2,000 banknote is still a legal tender in India, the likelihood of economic disruptions is comparatively lesser. However, the ease of transactions will be disrupted ex-post to the RBI’s decision to withdraw Rs 2,000 notes.
In a surprise and significant move, the Reserve Bank of India (RBI) announced to withdraw the INR 2000 denomination banknotes from circulation that is only 10.8% of India’s currency in circulation which raises many questions: Is there need to withdraw 2000-Rupee Notes? What are the reasons to withdraw? What will be its impacts on economy, banks and bond markets? Why Now? And is withdrawal of INR 2,000 currency notes a ‘non-event’. These questions need to be answered. Being a student of Economics I would like to put some points before the readers and citizens. Is it Demonetisa...