Why are ₹2000 banknotes being withdrawn?
Image Credit: PTI
RBI has announced that Rs 2000 notes will be withdrawn from circulation after September 30, 2023. The change has been brought about in pursuance of RBI's “Clean Note Policy”, the central bank said. The Rs 2000 denomination banknote was introduced in November 2016 under Section 24(1) of the RBI Act, 1934. It has also been observed that this denomination is not commonly used for transactions.