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The ₹2000 denomination banknote was introduced in November 2016 with the objective of meeting the currency requirement of the economy in an expeditious manner after withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time.
The RBI said that about 89 percent of the 2,000 denomination banknotes were issued before March 2017 and are at the end of their estimated life span of 4-5 years.
The move from the RBI comes amid concerns about the highest denomination notes being used to hoard black money. The RBI had stopped printing Rs 2,000 notes in 2018-19 and the notes were rarely in circulation. -- aaa
The Rs 2,000 currency notes have been withdrawn by the RBI due to an increase in the circulation of fake currency, government sources told India Today.
The Reserve Bank of India (RBI) has announced its decision to withdraw the Rs 2000 denomination banknotes from circulation as part of its 'Clean Note Policy'.