Explained: Why ₹ 2,000 Note Was Introduced, And Why It's Being Junked

Monday, 22 May 2023Newsdesk

₹ 2,000 Notes Withdrawn: A majority (89 per cent) of the ₹ 2,000 notes were issued before March 2017, and are at the end of their estimated life span of four to five years.

New Delhi 22 May 2023

As per news report of NDTV,The ₹ 2,000 banknote was introduced in November 2016 under Section 24(1) of the RBI Act, 1934 -- which allows the central bank to issue notes of any denomination not exceeding ₹ 10,000 -- primarily to meet the currency requirement of the economy "in an expeditious manner" after the big demonetisation exercise, in which the legal tender status of all ₹ 500 and ₹ 1,000 banknotes in circulation at that time was withdrawn, the Reserve Bank of India has said.

Source - NDTV