RBI to withdraw Rs 2,000 notes from circulation
The Reserve Bank of India announced the withdrawal of Rs 2,000 currency notes from circulation on Friday, and current notes in circulation can be deposited or exchanged by September 30.
The central bank has encouraged people to deposit Rs 2000 banknotes into their bank accounts, which were introduced after Rs 500 and Rs 1000 notes were removed during the demonetisation process six years ago, and/or swap them for banknotes of other denominations at any bank branch.
Deposits into bank accounts can be made in the usual manner, i.e., without restrictions and in accordance with existing instructions and other applicable statutory provisions.
The RBI has also instructed banks to discontinue issuing Rs. 2,000 banknotes with immediate effect.
While the Rs. 2000 notes will be phased out of circulation, they will continue to be legal tender beyond the withdrawal date. The general public can still use these notes for transactions and accept them as payment.
Parties criticise the decision.
P Chidambaram, a Congress veteran and former finance minister, criticised the BJP-led Central government on Friday for withdrawing Rs 2,000 denomination banknotes from circulation, saying that “demonetisation has come full circle” and that it was an expected move.
Aam Aadmi Party leader Saurabh Bhardwaj reacted to the news, saying, “This whole notion of starting the circulation of notes or releasing new notes was initiated by PM Modi, and the economy suffered as a result… I’m not sure what the benefits and drawbacks of this action will be, but I hope the choice was made by experts.”
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