Get Ready To Bid Adieu To 2000 Notes As Banks Start Gradual Phasing Out Of The Currency - Viral Bake
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Get Ready To Bid Adieu To 2000 Notes As Banks Start Gradual Phasing Out Of The Currency

Soon you would not have to face the trouble of getting Rs 2000 change when you take out money from the ATM. After Indian bank (which decides tor replace Rs 2000 note with Rs 200 across its ATMs) other banks are ready to follow the suite.

As per inputs from an RTI (Right to Information) reply by RBI (Reserve Bank of India) the central bank has stopped printing Rs 2000 notes. Taking this into consideration banks on their own have decided to fill their ATMs with smaller denomination notes. A move that is for the convenience of customers.

To get things done the banks have started recalibration of their ATMs with the Indian Bank taking the lead. Meanwhile Finance ministry has not issued any instruction to banks in this regard. As per RBI’s reply, a substantial fall in the ting of Rs 2000 notes was done in 2017-18.

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The move by RBI is a planned one to eventually phase out the highest denomination note from circulation while it being a legal tender. Minister of State for Finance Anurag Singh Thakur in December said there is no proposal to withdraw Rs 2000 note as a legal tender.

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