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Today Date : Saturday, May 18, 2024

Let's get ready to bid good bye to the 2000 rupee note

Let's get ready to bid good bye to the 2000 rupee note

In 2016, the central government suddenly banned 500 rupee and 1000 rupee notes. Addressing the nation on the night of November 8, Prime Minister Narendra Modi announced that these notes will no longer be valid. In their place, new types of notes were introduced. This act of demonetisation created shock among the people of the country.A new 500 rupees note was introduced to replace the demonetised 500 rupees note. Similarly, the 1000 rupees note was replaced by a higher denomination 2000 rupee note.This caused not only shock but also surprise among the people.
Because, after claiming to ban high denomination notes, why introduce a higher denomination currency note? The question arose. When the 2000 rupee notes came into circulation, various rumors and issues came with it.
Namely, the rumor spread rapidly that the 2000 rupee notes were fitted with a magnetic chip and could be used to track the notes. But the central government categorically denied it.
2000 rupee notes started to disappear in course of time. Many people never get 2000 rupee notes. In fact, 2000 rupee notes are not even available in ATMs. This created fear among the public. They feared that these notes would be withdrawn from circulation. 
To ensure that, RBI announced that it has stopped the printing of Rs 2000 notes.
Amid various doubts and expectations, the Reserve Bank yesterday (May 19) announced the demonetisation of Rs 2000 note. In this case, people have been given time to change it. This means that these notes can be exchanged by September 30 of this year. Time will be given only till then. 
Saying that high value notes are the source of hoarding and circulation of fake notes, why the government introduced higher denomination 2000 rupee note, it was announced that those notes will no longer be valid before getting an answer. Then what is the purpose of introducing these notes? This puzzle is still unanswered.
Will Rs.2000 note be exchanged among the people due to the notification issued by the Reserve Bank? There is confusion about whether it is valid or not.
There is no immediate impact on the public due to this notification. However, after September 30, Rs.2000 notes will become invalid automatically.
In any case, it is better to exchange your Rs 2000 note by September 30. A specter that rocked the nation in 2016 has returned albeit at a slightly slower pace. 
Let's get ready to bid good bye to the 2000 rupee note right now!