RBI Withdraws Rs 2000 Currency Note from Circulation:
The Reserve Bank of India (RBI) has announced that it will withdraw the ₹2000 note from circulation. The withdrawal will be effective from September 30, 2023.
The RBI has said that the decision to withdraw the ₹2000 note is being taken in order to “curb counterfeiting and improve the circulation of currency notes”. The central bank has also said that the ₹2000 note will continue to be legal tender until September 30, 2023, and that it can be exchanged at any bank or RBI office during this period.
The withdrawal of the ₹2000 note has been met with mixed reactions. Some people have welcomed the move, saying that it will help to curb counterfeiting and make it easier to track the movement of money. Others have expressed concern that the withdrawal will inconvenience people and make it more difficult to make large payments.
Only time will tell what the impact of the withdrawal of the ₹2000 note will be. However, it is clear that the RBI is taking steps to improve the security of India’s currency.
Here are some of the reasons why the RBI is withdrawing the ₹2000 note:
- To curb counterfeiting: The ₹2000 note is one of the most counterfeited notes in India. The RBI estimates that around 10% of all ₹2000 notes in circulation are counterfeit. By withdrawing the ₹2000 note, the RBI hopes to make it more difficult for counterfeiters to operate.
- To improve the circulation of currency notes: The ₹2000 note is a relatively new note and it has not yet fully circulated in the economy. The RBI hopes that by withdrawing the ₹2000 note, it will be able to improve the circulation of other currency notes, such as the ₹500 note and the ₹100 note.
- To make it easier to track the movement of money: The ₹2000 note is a high-value note and it is often used for illegal activities, such as money laundering and terrorist financing. By withdrawing the ₹2000 note, the RBI hopes to make it more difficult for criminals to use this note for illegal activities.
The withdrawal of the ₹2000 note will have a number of implications for people in India. Some of these implications include:
- People will need to exchange their ₹2000 notes for other currency notes before September 30, 2023.
- It will be more difficult to make large payments, such as rent or property taxes, using ₹2000 notes.
- It may be more difficult to use ₹2000 notes to buy goods and services from businesses that do not have the necessary infrastructure to accept these notes.
Overall, the withdrawal of the ₹2000 note is a significant move by the RBI. It remains to be seen what the full impact of this move will be, but it is clear that the RBI is taking steps to improve the security of India’s currency.
When was 2000 rupee note came into Existence?
The 2000-rupee note was launched on November 8, 2016, by the Reserve Bank of India (RBI). It was introduced as part of a series of measures taken by the government to combat black money and counterfeiting.
The 2000-rupee note is the highest denomination of currency note in India. It is made of polymer, which is a type of plastic that is more durable than paper. The note also has a number of security features that make it difficult to counterfeit.
The introduction of the 2000-rupee note was met with mixed reactions. Some people welcomed the move, saying that it would make it more difficult for criminals to launder money and finance terrorism. Others expressed concern that the note would make it easier for people to carry large sums of cash, which could be used for illegal activities.
Since its introduction, the 2000-rupee note has become increasingly popular in India. It is now the most widely used denomination of currency note in the country.
Here are some of the security features of the 2000-rupee note:
- Watermark: The note has a watermark of Mahatma Gandhi. The watermark is visible when the note is held up to light.
- Security thread: The note has a security thread that runs through it. The thread is visible when the note is held up to light.
- Lazer image: The note has a lazer image of Mahatma Gandhi. The image is visible when the note is tilted.
- Microprinting: The note has microprinting that is only visible under a magnifying glass.
- Intaglio printing: The note has intaglio printing that gives it a raised feel.
- Fluorescent ink: The note has fluorescent ink that glows under ultraviolet light.