Srinagar Observer
Sunday, June 29, 2025
  • Home
  • Top News
  • Kashmir
  • Jammu
  • Business
  • Sports
  • National
  • World
  • Editorial

    The Habitual Shifts

    Assuring Crime Free Society

    Stimulating Young Energy

    An Ethical Denial

    Beating Inflation

    The Timely Exigence

    Extension in Academics

     Aiding Healthcare

    Development in Disguise

    Gender-Free Conviction

  • Edit-Oped
  • ePaper
No Result
View All Result
Srinagar Observer
  • Home
  • Top News
  • Kashmir
  • Jammu
  • Business
  • Sports
  • National
  • World
  • Editorial

    The Habitual Shifts

    Assuring Crime Free Society

    Stimulating Young Energy

    An Ethical Denial

    Beating Inflation

    The Timely Exigence

    Extension in Academics

     Aiding Healthcare

    Development in Disguise

    Gender-Free Conviction

  • Edit-Oped
  • ePaper
No Result
View All Result
Srinagar Observer
No Result
View All Result
Home Latest

RBI withdraws Rs 2000 currency notes after introducing them in 2018

SO NEWS Desk by SO NEWS Desk
May 19, 2023
in Latest, Top News
A A
0
Share on FacebookShare on TwitterWhatsApp

NEW DELHI, MAY 19 – Reserve Bank of India today said that has withdrawn Rs 2,000 denomination bank notes, however, the notes will continue as legal tender.

The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of 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 Rs 500 and Rs 1000 banknotes in circulation at that time.

RELATED POSTS

Delay in Rotational Headship Policy Draws Concern in Kashmir’s Medical Colleges

Rouble Nagi Art Foundation to Establish Computer Lab at Madrasa Shah Hamdan Tangdar

Yogesh Dayal, the Chief General Manager, RBI in a statement said that the objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2000 banknotes was stopped in 2018-2019.

“About 89% of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life-span of 4-5 years. The total value of these banknotes in circulation has declined from Rs 6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to Rs 3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023. It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public,” RBI official said.

He said that in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the Rs 2000 denomination banknotes from circulation. The banknotes in Rs 2000 denomination will continue to be legal tender.

RBI informed that people may deposit Rs 2000 banknotes into their bank accounts and or exchange them into banknotes of other denominations at any bank branch. Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions.

In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the exchange of Rs 2000 banknotes into banknotes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023. [AGENCIES]

Related

ShareTweetSend
SO NEWS Desk

SO NEWS Desk

Related Posts

Delay in Rotational Headship Policy Draws Concern in Kashmir’s Medical Colleges

by SO NEWS Desk
June 28, 2025
0

SRINAGAR, JUNE 28 - A year after the Jammu and Kashmir government issued a landmark order mandating rotational headship in...

Rouble Nagi Art Foundation to Establish Computer Lab at Madrasa Shah Hamdan Tangdar

by SO NEWS Desk
June 27, 2025
0

KARNAH, KUPWARA | JUNE 27, 2025: In a major initiative aimed at bridging the digital divide in border areas, renowned...

Dharti Aaba Abhiyan Day-4: IEC campaign witnesses vibrant community participation in Anantnag

by SO NEWS Desk
June 18, 2025
0

ANANTNAG, JUNE 18: The ongoing 15-day Intensive Information, Education, and Communication (IEC) campaign under the Dharti Aaba Janjatiya Gramin Utkarsh...

Shakti Vijay Brigade Organizes Ex-Servicemen Rally at Tangdhar

by SO NEWS Desk
June 16, 2025
0

Dr Ashfaq Lone Tangdhar, June 16: In a significant outreach initiative, the Shakti Vijay Brigade conducted a large-scale Ex-Servicemen (ESM)...

Faz Lul Haseeb, IAS, Assumes Charge as Commissioner SMC & CEO SSCL

by SO NEWS Desk
June 16, 2025
0

SRINAGAR, JUNE 16: Shri Faz Lul Haseeb, IAS, today formally assumed charge as the Commissioner of Srinagar Municipal Corporation (SMC)...

Next Post

Replace annual water charges with monthly bills for convenience of public: CS Mehta

SKIMS Organizes CME On "Evidence based Management Of GI Cancers

Digital Edition

Srinagar Observer

Srinagar Observer is an English Newspaper based in Jammu and Kashmir

CATEGORY

  • Business
  • Edit-Oped
  • Editorial
  • Jammu
  • Kashmir
  • Latest
  • National
  • Photo Gallery
  • Sports
  • Top News
  • Uncategorized
  • World

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 9,375 other subscribers

Archives

No Result
View All Result
  • Home
  • About Us
  • Contact Us
  • Advertise

© 2024 Srinagar Observer - Designed by GITS.

No Result
View All Result
  • Home
  • Top News
  • Kashmir
  • Jammu
  • Business
  • Sports
  • National
  • World
  • Editorial
  • Edit-Oped
  • ePaper

© 2024 Srinagar Observer - Designed by GITS.