RBI Announces Withdrawal of ₹2000 Denomination Banknotes
The Reserve Bank of India (RBI) has recently released a press release announcing the withdrawal of ₹2000 denomination banknotes from circulation. This significant move aims to streamline the currency system and ensure the smooth functioning of the Indian economy. The RBI's decision comes into effect based on the guidelines provided in Press Release 2023-2024/257, dated May 19, 2023. Let's delve into the details of this crucial development.
Withdrawal Status and Process:
According to the press release, the ₹2000 banknotes' withdrawal status is regularly updated by the RBI. The most recent update was published on April 01, 2024. As part of the withdrawal process, individuals and entities were initially given the opportunity to deposit or exchange their ₹2000 banknotes at any bank branch un...