Demonetisation 2.0? Why RBI Withdrawing Rs 2,000 Notes is Not Like 2016 Note Ban Check Reason


The assertion issued by the Reserve Financial institution Of India (RBI) has shocked the general public. The current announcement of RBI that was made on Friday to cease the circulation of Rs 2000 notes has created reactions among the many public. Is it the identical because the notice ban process of 2016 or the notice will likely be accepted as a authorized tender in future? The printing of the Rs 2000 notes was stopped in 2018-19. What’s the cause behind this resolution? Within the current press launch by the central financial institution, many particulars have been revealed that we’re sharing with you. Learn out the entire article to get the complete info of the press launch.

Demonetisation 2.0? Why RBI Withdrawing Rs 2,000 Notes is Not Like 2016 Note Ban Check Reason

In a stunning press launch, RBI has issued an order to the banks to cease issuing Rs 2000 notes to the general public and other people can deposit their Rs 2,000 notes into their financial institution accounts and change them for notes of different denominations from Might 23 until September 30. However the Rs 2000 notice will proceed as authorized tender not like in 2016 when all Rs 500 and Rs 1,000 denomination notes have been demonetised and have been stopped used as authorized tender. However RBI has directed that Rs 2000 notes must be exchanged earlier than September 30, 2023. The assertion by RBI is focused by the Congress and the celebration is expressing it as demonetisation 2.

Demonetisation 2.0? Why RBI Withdrawing Rs 2,000 Notes

Varied congress celebration leaders are posting their reactions on Twitter in opposition to the Modi authorities and claiming the act as a catastrophe. Nevertheless, RBI has given causes for such a call. One is that the Rs 2000 denomination shouldn’t be generally used for transactions by the general public. Additionally, RBI stated that the worth of those notes has declined through the years and constitutes solely 10.8 p.c of the notes in circulation as of March 31, 2023. The choice of RBI can also be in pursuance of the “Clear Be aware Coverage” – a coverage to make sure the supply of fine high quality notes to the members of the general public.

Nevertheless, the persons are shocked and particularly the reactions of congress leaders are surfacing on the web some are concentrating on Prime Minister Narendra Modi as a ‘Self-styled Vishwaguru’ and focused the strategy as a ‘First act, Second suppose’ and Modi lovers are posting the reactions in a optimistic method that it’s going to be a masterstroke in opposition to corruption. RBI has additionally declared that 2000 denomination banknotes is a gradual course of and will likely be accomplished in a phased method. The general public will likely be given ample time to deposit or change their Rs 2000 denomination banknotes i.e. until Sep 30. Let’s see how the process works. Keep tuned.