If you have Rs 2000 note then definitely know this important change, why did RBI take such a big decision. – ..

News India Live, Digital Desk: If there is any major decision related to the country’s economy and your pocket, then everyone’s eyes are fixed on the Reserve Bank of India (RBI). One such big update was regarding the ₹2000 note, which made a lot of headlines across the country. If you still have the ₹2000 note, or think about it, then it was very important to know this important update of RBI, and now you should also know what was the whole matter behind it.

Why did this big change happen regarding ₹2000 note?

In a major decision, the Reserve Bank of India (RBI) had announced the withdrawal of pink colored note of ₹ 2000 from circulation. This meant that the RBI stopped issuing it, although it was initially retained as legal tender. Some special reasons were given behind this decision:

• To meet the shortage of small notes: When the ₹2000 note was introduced, its purpose was to bridge the shortage of notes in the economy after the demonetization of ₹500 and ₹1000 notes. Now, as notes of other denominations became available in sufficient quantities, the need for this was reduced.
• Convenience in Transactions: Transactions with larger denomination notes sometimes posed problems, especially for small purchases. RBI observed that most of the ₹2000 notes were not in much circulation.
• Circulation of clean notes: It is a policy of RBI to remove the notes from circulation from time to time and issue new and clean notes under ‘Clean Note Policy’.

What happened to your ₹2000 note?

After this decision of RBI, people were given the facility to deposit their ₹ 2000 notes in their bank accounts or exchange them with notes of other denominations within a certain time limit (e.g. in bank branches or RBI offices). RBI had emphasized that these notes will remain legal tender, so that the general public does not face any panic and they get enough time to exchange their money. It was ensured that people could exchange their notes without any hassle.

So if anyone still has these notes, then they should be aware that their exchange in banks has stopped, but some options may still be available in some specific RBI offices, which is important to find out. This was a major economic decision of RBI which had a direct impact on the people across the country.