RBI withdraws ₹2000 note from circulation, to remain legal tender.

The Reserve Bank of India has decided to withdraw the ₹2000 denomination banknotes from circulation but they will continue to remain as legal tender. It has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect. The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all ₹500 and ₹1000 banknotes in circulation at that time.

₹2000 currency note will remain legal tender after 30th September too. RBI expects that 4 month time is enough for people to exchange notes with the banks. Most of the ₹2000 notes that are in circulation will return to banks within the given time frame of 30th September. This is a routine exercise of RBI and people need not panic," news agency ANI quoted citing sources.



Rs 2,000 notes were primarily introduced to quickly replenish earlier Rs 500 and Rs 1,000 notes, RBI Governor said. RBI Governor Mr. Shaktikanta Das appealed to the public not to rush to banks to exchange the Rs 2,000 notes. He said the public has time until September 30 for exchange and/or deposit of the Rs 2,000 notes. RBI Governor assured that impact on the economy on account of this decision to withdraw Rs 2,000 note will be "very very marginal". The Rs 2,000 notes comprised just 10.8% of the total currency in circulation.
Location: India

Comments

Post a Comment

Popular posts from this blog

GST Composition Scheme: Simplified Tax for E-commerce & Small Suppliers

Image
The Central Government, acting on the recommendations of the GST Council, has issued a set of significant notifications, bringing about changes that will impact electronic commerce operators and businesses operating in the e-commerce space. These changes are set to take effect on October 1, 2023. Can a composition scheme dealer sell online? Notification No. 36/2023 - Central Tax (Dated: August 4, 2023): According to this composition scheme dealer can sell online within same state. This notification outlines a special procedure for electronic commerce operators in India. It restricts them from facilitating inter-State supply of goods by persons paying tax under Section 10 of the Central Goods and Services Tax Act. Electronic commerce operators are required to collect tax at source for such supplies and file the details electronically in FORM GSTR-8. These changes aim to ensure smoother tax collection and reporting, particularly for composition scheme dealers. The effectiv
Read more

How to choose the Best Term Insurance Plan for your family.

Image
Introduction Term insurance is a type of life insurance that provides a lump sum amount to the nominee or beneficiary in case of the death of the policyholder during the policy term. Term insurance is also known as pure protection plan, as it does not have any maturity or survival benefit. Term insurance is one of the most affordable and effective ways to secure the financial future of your family in your absence. Term insurance can help you to: - Replace your income and support your dependents - Pay off your debts and liabilities - Cover your children's education and marriage expenses - Achieve your long-term goals and dreams - Leave a legacy for your loved ones Status Term insurance is gaining popularity and awareness in India, as more and more people realize the importance of financial protection and planning. According to a report by CRISIL Research, the term insurance segment grew by 17.4% in FY 2020-21, despite the challenges posed by the COVID-19 pandemic. The report also pr
Read more

Simplifying the Process: CA Certificate for Student & Tourist VISA from the Comfort of Your Home.

Image
A CA Certificate for Student & Tourist Visa refers to a document that states the net worth of an individual, which is certified by a practicing qualified Chartered Accountant (CA). This report is usually required during Visa processing. Net worth represents the total resources of an individual or organization after deducting liabilities from the total size of assets. This CA Certificate is also sometimes referred as CA Report for Visa or CA Networth Certificate.  Feel free to contact us for any support or queries. Contact  📞 +91 9398991181 For booking of CA Certificate for Student & Tourist VISA Call or Chat on WhatsApp number  9398991181 Main Concept  What is CA Certificate / CA Report / Networth Certificate for VISA?  A CA certificate or (also referred as) CA Report or Networth Certificate is a basic net worth certificate of the individual, a document containing the net worth of an individual, usually certified by a Chartered Accountant (CA) for Visa Processing.  Net worth i
Read more