The RBI recently announced its decision to withdraw Rs 2,000 currency notes from circulation.While these notes will continue to be a legal tender.
RBI has advised the Banks to stop issuing ₹2000 denomination banknotes with immediate effect. The ₹2000 denomination banknote was introduced back in November 2016 under Section 24(1) of the RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time.
According to sources quoted by news agency ANI, the ₹2000 currency note will remain legal tender even after 30th September. The RBI expects that the four-month time frame is enough for the people to exchange their notes with the banks.
Most of the ₹2000 notes currently in circulation are expected to be returned to banks within the given time frame of 30th September. This is a routine exercise conducted by the RBI, and people do not need to worry about this.
In a statement, the RBI stated that the objective of introducing ₹2000 banknotes has been fulfilled now that banknotes in other denominations have become available in adequate quantities.
Now what to do with Rs 2000 currency notes?
If you find yourself in possession of a couple of Rs 2,000 currency notes, you may consider attempting to use them directly instead of queuing up at a bank branch for an exchange. However, based on various media house reports, using Rs 2,000 notes for transactions may not be as straightforward as anticipated in many places.
According to these reports, several locations pose challenges when it comes to using Rs 2,000 notes. Many small shops and vendors are hesitant to accept them due to difficulties in obtaining change or a preference for lower denomination notes. This could potentially limit the usability of Rs 2,000 currency notes in certain establishments.
Nevertheless, it is worth noting that there are still places accepting Rs 2,000 notes. Larger establishments may be more receptive to these higher denomination currency notes, as they often have better infrastructure in place to manage change and facilitate transactions involving Rs 2,000 notes.
Considering the mixed acceptance of Rs 2,000 notes and the specific circumstances in your area, it is advisable to assess the situation and choose the most convenient option for utilizing these notes. It may be helpful to inquire with individual shops or observe local practices to determine the feasibility of using Rs 2,000 currency notes for transactions.
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