The RBI is withdrawing 2000 Rupee notes from circulation from May 19, 2023, but they remain legal tender till Sep 30, 2023.
Introduction
The 2000 rupee note is the highest denomination of banknote in India. It was introduced by the Reserve Bank of India (RBI) on 8 November 2016, after the demonetisation of Rs. 500 and Rs. 1000 banknotes. The Rs. 2000 note is a significant innovation in the Indian currency. It is the first polymer banknote in India and it has a number of security features that make it more difficult to counterfeit. The note had also been designed to be more accessible to people with visual impairments.
The Rs. 2000 note is a part of the Mahatma Gandhi New Series of banknotes with a completely new design. It is made of polymer, which is a more durable and secure material than paper. The note has a number of security features to prevent counterfeiting, including a watermark, a security thread, and a holographic strip.
Evolution of the 2000 Rupee BankNote
The idea of a 2000 rupee note was first floated in the early 2000s, but it was not until 2016 that the RBI decided to introduce it. The decision to introduce the Rs. 2000 note was made in response to the growing demand for higher-denomination banknotes in India.
The Rs. 2000 note was designed by the RBI’s Currency Note Press in Mysuru, Karnataka. The note was printed on a new polymer substrate, which is more durable and secure than paper. The note also has a number of new security features, including a watermark, a security thread, and a holographic strip.
History of the 2000 Rupee Note
The Rs. 2000 note was first issued on 8 November 2016, after the demonetization of Rs. 500 and Rs. 1000 banknotes. The introduction of the Rs. 2000 note was met with mixed reactions. Some people welcomed the introduction of the new note, saying that it would make it easier to carry large sums of money and that it would help to curb corruption. Others criticized the introduction of the new note, saying that it would make it easier for terrorists and criminals to launder money.
The Rs. 2000 note has been the subject of much controversy since its introduction. In 2017, the RBI was accused of printing counterfeit Rs. 2000 notes. The RBI denied the allegations and said that it had taken steps to prevent the printing of counterfeit notes.
In 2018, the RBI was again accused of printing counterfeit Rs. 2000 notes. This time, the allegations were made by the opposition Bharatiya Janata Party (BJP). The BJP said that it had found counterfeit Rs. 2000 notes in circulation. The RBI denied the allegations and said that it had taken steps to prevent the printing of counterfeit notes.
The Rs. 2000 note has also been criticized for its size. The note is larger than the Rs. 500 and Rs. 1000 notes, which makes it difficult to carry and store. The note has also been criticized for its color. The note is magenta, which is a color that is not commonly used for banknotes.
Updates to the 2000 Rupee Note
Since its introduction, the Rs. 2000 note has been updated a number of times.
2017: In 2017, the RBI added a new security feature to the Rs. 2000 note: a fluorescent strip that glows green under ultraviolet light.
2018: In 2018, the RBI changed the design of the Rs. 2000 note. The new design features a portrait of Mahatma Gandhi on the front and a map of India on the back.
2019: In 2019, the RBI added a new security feature to the Rs. 2000 note: a tactile strip that can be felt by people with visual impairments.
2023: The RBI has announced the withdrawal of Rs 2,000 notes from circulation with effect from May 19, 2023. However, they will continue to remain legal tender till September 30, 202312. The public can deposit or exchange the Rs 2,000 notes at any bank branch or RBI regional office till then. The exchange limit is Rs 20,000 at a time13. The RBI said the withdrawal was done under its ‘Clean Note Policy’ because the Rs 2,000 notes were not commonly used for transactions.
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