BREAKING | Rs 2,000 note to be withdrawn: The RBI will start withdrawing 2,000-rupee notes from circulation. But worry not! The 2,000 note will remain legal tender. You will get a chance to deposit the Rs 2,000 note at the bank, or exchange it up to 10 (Rs 20,000) at a time.
Goodbye Rs 2000 Note
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Bye bye, Rs 2,000 banknote! 10 things to know about the bill that has been in circulation for 6 years
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Goodbye, Rs 2,000 banknote! Here are 10 things to know about the bill that was in circulation for 6 years:
Introduction: The Rs 2,000 banknote was introduced in November 2016, as a part of the Indian government's demonetization initiative to curb black money and counterfeit currency.
Denomination: The Rs 2,000 banknote had the highest denomination among the currency notes in circulation at the time of its introduction.
Design: The banknote featured the image of Mahatma Gandhi, the father of the nation, on the front. It also displayed the Mangalyaan, India's first Mars Orbiter Mission, on the reverse side, highlighting India's technological advancements.
Security Features: The Rs 2,000 banknote incorporated several security features to prevent counterfeiting, including color-shifting ink, a hidden image, watermark, microlettering, and raised printing.
Size and Color: The note had a dimension of 66 mm × 166 mm, with a color scheme predominantly featuring magenta.
Unique Features: The Rs 2,000 banknote was the first Indian currency note to feature "RBI" in Devanagari script instead of English, and it had a motif of the Mars Orbiter Mission, symbolizing India's achievements in space exploration.
Controversy: The introduction of the Rs 2,000 banknote sparked controversy and mixed opinions. Critics argued that such high-value notes could lead to an increase in black money circulation and hinder the government's efforts to curb corruption.
Cash Availability: Initially, there were reports of a shortage of the new Rs 2,000 notes in circulation, causing inconvenience to the public. However, the situation gradually improved over time.
Duration in Circulation: The Rs 2,000 banknote remained in circulation for approximately 6 years, from November 2016 to its eventual discontinuation in 2022.
Discontinuation: The Indian government decided to discontinue the printing and circulation of the Rs 2,000 banknote, citing the need to reduce the dominance of high-value currency notes and promote digital transactions.