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 you think about it, then it was very important to know this important update of RBI, and even now you should know what was the whole matter behind it. Why was this big change regarding the ₹ 2000 note? In a big decision, the Reserve Bank of India (RBI) had announced to remove the 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 meet 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 the same was reduced. Convenience in Transactions: Notes of larger denominations sometimes caused difficulty in transactions, 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 phase out the notes from time to time under the ‘Clean Note Policy’ and issue new and clean notes. What happened to your ₹ 2000 note? After this decision of RBI, people are required to return their notes within a certain time frame (like in bank branches or RBI offices). The facility to deposit ₹2000 notes in bank accounts or exchange them with notes of other denominations was given. 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 know that while the exchange in banks has been stopped, there may still be some options available in some specific RBI offices, which is important to check. This was a major economic decision of RBI which had a direct impact on the people across the country.