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Now, 2000 rupee notes not to be withdrawn out of the ATM

Friday - February 28, 2020 1:31 pm , Category : BUSINESS
The Reserve Bank issued 2000 rupee notes after demonetization
The Reserve Bank issued 2000 rupee notes after demonetization

Do you know ‘this big’ news related to 2000 rupee notes?

FEB 28 (WTN) - As you know, 2000 rupee notes came into the country after the historic demonetization. After the demonetization, when this pink colored note of 2000 rupees came into circulation, many kinds of rumors were there in the mind of the public about these notes. You will be surprised to know that even about the Rs 2000 note, it was said that there is a chip in it, from which the location of these notes can be traced. However, most of the misconceptions associated with the 2000 rupee note went away over time. But talk of the 2000 rupee note being discontinued anytime, is still a matter of discussion among the people.

In fact, many types of discussions have started once again about 2000 rupee notes’ circulation being stopped once again. After all, what is the reason that the talk of the closure of 2000 rupee notes is happening once again among the people? Let us tell you about it in detail. For your information, let us know that these days, such changes are being made by banks in their ATMs (Automated Teller Machine) to replace 500 rupee notes instead of 2000 rupee notes.

It is clear when the practice of placing 500 rupee notes is being done at the place, where 2000 rupee notes are placed in the ATM, it is bound to raise the question in the minds of the people that is government going to stop the circulation of 2000 rupee notes? According to the information received from media, an exercise is going on to recalibrate about 2.40 lakh ATMs present in the whole country. Under which, instead of keeping 2000 rupee notes in ATM, 500 rupee notes can be kept.

For your information, let us know that there are usually four cassettes for placing the notes inside the ATM. 2000, 500, 200, and 100 rupee notes are kept in these four cassettes. But now a new arrangement is being made to place the notes in these cassettes in ATMs. Under this new arrangement, now 500 rupee notes will be kept in the first three cassettes. At the same time, notes of 100 or 200 rupees will be kept in the fourth cassette. That is when the cassette containing 2000 rupee notes will be removed from an ATM; it is natural that 2000 rupee notes will not come out of the ATM. Let us know that many ATMs have removed the cassettes where 2000 rupees notes to have been kept, and the remaining ATMs note cassettes for 2000 rupees will also be removed in the coming time.

But now the questions are arising as to whether the Modi government is going to remove 2000 rupee notes from the circulation? So for your information, let us know that at present, no such decision has been taken by the government. Actually, all the notes of 2000 rupees are in circulation at this time are gradually going into the currency chests of the banks. And maybe the bank will send back the 2000 rupee notes to the RBI. By the way, sources are quoting that 2000 rupee notes’ circulation will not be legally closed. But these notes will be gradually out of the circulation in a planned manner. That is, if you have a 2000 rupee note, you can use this note.

Let us know that in the beginning of 2017, after demonetization decision taken by the Modi government in November 2016, the RBI brought 2000 rupee notes in the circulation. According to the data received from the Reserve Bank of India, in the beginning of 2017-18 finance, nearly 50 percent of the total prevailing banknotes together with Rs 2000 notes. But less printing of 2000 rupee notes and the banks keeping them in their currency chests reduced the rupee of 2000 rupee notes over time. For this reason, in the beginning of the financial year 2019-20, 51 percent of the total popular bank notes in the country became 500 rupee notes.

Although some experts of the Indian banking sector had previously said that the government would not legally stop the circulation of 2000 rupee notes, but the government will systematically withdraw 2000 rupee notes from the circulation. In fact, after demonetization, the printing of 2000 rupee notes was done, to remove the shortage of currency shortage from large notes of 2000 rupees. But now that there are enough notes of 500 and 200 rupees in the country, and the cash transactions have reduced due to the digital transactions. In such a situation, the government is reducing the circulation of 2000 rupee notes in a planned manner.

Naturally, the more notes there are, the greater the possibility of increasing black money in the same proportion. Larger amount can be easily deposited in the big notes. In such a situation, to curb those who deposit black money through big notes, the Modi government is going to eliminate the option of withdrawing 2000 rupee notes from the ATM, so that people cannot deposit 2000 rupee notes. However, the 2000 notes will not be legally discontinued. While those who need 2000 rupee notes, they can go to the bank and get 2000 rupee notes from the cashier counter.