The struggle to find change for the pink Rs 2,000 notes that appeared thanks to demonetisation in 2016, has been a daily struggle for Indians for years now. Almost seven years after Rs 1,000 and Rs 500 notes were discontinued and the new notes introduced, RBI has decided to remove the Rs 2,000 currency notes from circulation.
Despite the move, those who have the notes can continue to use them as legal tender for day-to-day expenses.
The journey from demonetisation to withdrawal
Exchange for the Rs 2,000 notes will be available till September 30, 2023, as the objective of the new tender was fulfilled when enough notes of other denominations came back to the economy.
The printing of these notes had been stopped in 2018-19, and almost 90 per cent of them had been pumped into the system before 2017.
Currency notes have a life span of 5 years, and the circulation will stop as most Rs 2000 notes are nearing that mark.
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