- EXCHANGE FACILITY STARTS ON MAY 23; ONLY 10 ₹2,000 NOTES CAN BE EXCHANGED AT A TIME
THE Reserve Bank of India (RBI) on Friday announced the withdrawal of ₹2,000 denomination banknotes from circulation. However, the central bank clarified that the high-value notes will continue to be a legal tender. In other words, the public can continue to use these notes for transactions.
The surprise announcement came as a shocker to many, reviving memories of the hardships the public had to face when the Centre announced demonetisation in November 2016 and decided to scrap ₹500 and ₹1,000 currency notes over-night. This time, however, the authorities are confident there won't be any chaos as the ₹2,000 banknote will continue to remain in use.
This story is from the May 20, 2023 edition of The Morning Standard.
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This story is from the May 20, 2023 edition of The Morning Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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