Thread by @Vihaan_Shergil

🧵 | MUST READ 🙏 | #2000Note | [1/9]

Now, as RBI has decided to withdraw Rs 2000 currency note from circulation, Leftists (via WhatsApp) has started calling Demonetization as failure, but that's not the case.

A thread with full information about it. 👇

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Rs 2000 note was primarily introduced to meet the currency requirement after the withdrawal of legal tender status of all Rs 500 & 1000 notes in circulation at that time.

The objective was met and hence printing of 2000 banknotes was stopped in 2018- 19. #2000note

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The central bank said the objective of introducing Rs 2000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, printing of Rs 2000 banknotes was stopped in 2018-19, it said. #2000Note

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Talking about current scenario.

It has also been observed that this denomination is not commonly used for transactions. Further, the stock of banknotes in other denominations continues to be adequate to meet the currency requirement of the public. #2000note

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It should be noted that RBI had undertaken a similar withdrawal of notes in 2013-14. #2000Note

RBI decided to withdraw all currency notes issued prior to 2005, after March 2014 in a move apparently aimed at curbing black money and fake currencies.

[6/9] "After March 31, 2014, it (RBI) will completely withdraw from circulation all bank notes issued prior to 2005. From April 1, 2014, the public will be required to approach banks for exchanging these notes," the RBI said in a statement. #2000Note

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Starting from May 23, 2023, public may deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch with limit of Rs 20,000 at a time. #2000note

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The central bank said that to complete the exercise in a time-bound manner and to provide adequate time to the members of public, all banks shall provide deposit and/or exchange facility for Rs 2000 banknotes until September 30, 2023. #2000Note

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So the conclusion is, RBI decided to withdraw Rs 2000 notes because it's objective was met, and there's nothing like failure of Demonetization related to it.

Please share the thread 🧵 if you found it to be informative and if you want others to know about it. 🙏

#2000note

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