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MUMBAI, May 20 (Reuters) - India will withdraw its highest denomination currency note from circulation, the central bank said on Friday. The 2000-rupee note, introduced into circulation in.
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The share of big denomination currency - 500 and 2,000-rupee notes - together accounted for more than 87% of the total value of banknotes in circulation as of 31 March, according to RBI.
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The Reserve Bank of India (RBI) had announced the withdrawal of ₹2000 denomination banknotes from circulation vide Press Release 2023-2024/257 dated May 19, 2023. The status of withdrawal of ₹2000 banknotes has been periodically published by the RBI. 2. The facility for deposit and / or exchange of the ₹2000 banknotes was available at all.
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Indians are exchanging 2,000-rupee ($24 ;£19) notes at banks as the country aims to withdraw the currency from circulation. The note was introduced in 2016 after the Indian government withdrew.
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Background. The Indian government had demonetised banknotes on two prior occasions—once in 1946 and once in 1978—and in both cases, the goal was to combat tax evasion via "black money" held outside the formal economic system.In 1978, the Janata Party coalition government demonetised banknotes of ₹1,000, ₹5,000 and ₹10,000, again in the hopes of curbing counterfeit money and black money.
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The Rs 2000 note was introduced in November 2016 under Section 24 (1) of The RBI Act, 1934, primarily with the objective of meeting the currency requirement of the economy expeditiously after the legal tender status of Rs 500 and Rs 1000 notes was withdrawn.
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Indian 2000-rupee note The 2000 rupee note was introduced by the Reserve Bank of India on 8 November 2016. The introduction of this denomination of the Indian rupee was part of the government's demonetization exercise aimed at curbing corruption, black money and counterfeit currency.
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The Reserve Bank of India (RBI) on May 19 announced that the Rs 2,000 currency note was being withdrawn from circulation, giving the public time till September 30 to exchange or deposit the high.
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India's prime minister, Narendra Modi, has announced that 500 and 1,000 rupee notes are to be taken out of circulation, in a move expected to plunge the the country's economy into chaos.
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India Today Business Desk New Delhi, UPDATED: May 19, 2023 20:34 IST The Reserve Bank of India (RBI) has decided to withdraw Rs 2,000 denomination banknotes from circulation. However, the notes will continue as legal tender, the central bank said in a circular on Friday.
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Published On: May 19, 2023 --- ENDS --- Watch Live TV Currency notes of Rs 2,000 were introduced in November 2016, after demonitisation led to Rs 500 and Rs 1,000 notes getting banned from use.
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The first currency ban occurred in 1946 when the government withdrew Rs 1000 and Rs 10,000 from circulation. This move was of very little consequence to the Indian population as such a large sum.
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MUMBAI, May 19 (Reuters) - India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank.
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New Delhi, UPDATED: Oct 10, 2023 14:08 IST The Reserve Bank of India's (RBI) deadline for exchanging or depositing Rs 2,000 notes in banks ended on October 7. The central bank has stated that exchanging these notes at banks won't be allowed after the deadline.
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India to Ban URLs of Certain Crypto Exchanges. On Dec. 28, 2023, a show cause notice was sent to nine offshore crypto exchanges by the Financial Intelligence Unit (FIU) after they were found to be.
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1. RBI Bans Rs 2000 Notes: The RBI, in a surprise decision, has banned Rs 2,000 notes. 2. Are Rs 2000 Demonetised: No, the Rs 2,000 notes are not demonetised. That means - they can still be used.