Indian apex bank to withdraw 2,000-rupee notes.

Indian apex bank withdraws 2,000-rupee notes.
Image: Reuters

India’s central bank has announced that it will withdraw its highest denomination currency notes from circulation, a move that economists believe will increase bank deposits during a period of rapid expansion in the country’s credit markets. The withdrawal of 2,000 rupee notes will not disrupt normal life or the economy, according to T.V. Somanathan, the finance ministry’s top official. The Reserve Bank of India cited evidence that the denomination was not widely used for transactions as the reason for the withdrawal. The notes will be accepted as payment until September 30, but will have to be deposited and exchanged for smaller denominations. The move has been called a sensible form of demonetisation by economists.
The Reserve Bank of India (RBI) has decided to withdraw its current series of 2,000-rupee notes from circulation, effective immediately. This is part of the RBI’s plan to crack down on parallel economy and black money.

The Central bank feels that people are using the 2,000-rupee notes to hoard black money, and thus it has decided to withdraw these notes from circulation. The RBI has directed all central and state government agencies to accept these notes only until September 30, 2018. They have also requested all banks to ensure that these notes are deposited in the accounts of the public by December 30, 2018. After this date, the 2,000-rupee notes will no longer be legal tender.

The RBI will be issuing new 2,000-rupee notes in the near future, with improved security features. The new 2,000-rupee notes will replace the current notes and will be circulated in the market.

The RBI has clarified that all 2,000-rupee notes should be accepted until December 30, 2018, and any notes which are found to be counterfeit will be rendered invalid and will not be accepted.

The move to withdraw the 2,000-rupee notes from circulation is a step towards fighting black money and parallel economy in India. The RBI hopes that this move will help curb the menace of fake currency notes in circulation. The Central bank has also increased the limit on cash withdrawals from banks to encourage digital transactions.

This move by the Reserve Bank of India is expected to help in the fight against black money and strengthening the Indian economy.

About News Team

Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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