The Rs 2000 note was discontinued this year.
The RBI has clarified that the circulation of Rs 500 notes in the country is sufficient to meet the cash requirements.
November 8, 2016, is a date firmly etched in Indian history, marking the day when two of the country’s most significant currency denominations were demonetized. Recent rumours have sparked discussions about the potential resurgence of the Rs 1000 note, but what is the actual truth?
Seven years after demonetisation, the Rs 2000 note has also been discontinued. The Reserve Bank of India (RBI) set a deadline of September 2023 for the deposit of Rs 2000 notes in banks. According to reports, approximately 87 per cent of the country’s Rs 2000 notes found their way to bank deposits. Nonetheless, a sum of about Rs 10 crore worth of Rs 2000 notes remains unaccounted for, a testament to the persistence of this denomination among the public, despite its discontinuation.
The lingering presence of these notes has fueled speculation on social media platforms regarding the potential revival of the Rs 1000 note. Many have claimed the discontinuation of the Rs 2000 notes implies the return of its predecessor. To address these circulating rumours, the Reserve Bank of India has finally broken its silence. A tweet from the official ANI account read, “RBI is not in consideration of the re-introduction of Rs 1000 note: Sources.”
RBI is not in consideration of the re-introduction of Rs 1000 note: Sources— ANI (@ANI) October 20, 2023
The RBI has clarified that the circulation of Rs 500 notes in the country is sufficient to meet the cash requirements. Additionally, the rising popularity of digital transactions among Indian citizens has led to decreased reliance on physical cash. The central bank has issued a warning, advising the public not to lend credence to such rumours and encouraging them to stay informed with factual information.
The deadline for the deposit of Rs 2000 notes was initially closed on September 30 but was extended to October 7. From October 8 onwards, individuals had the option to exchange the discontinued currency or have the remaining notes credited to their bank accounts through the 19 RBI offices across the country.
Source: News18