RBI Withdraws Rs 2,000 Currency Notes; Social Media Explodes With Hilarious Memes

The Reserve Bank of India (RBI) has announced that it will withdraw Rs 2,000 notes from circulation after conducting a review. These notes were introduced in 2016 following Prime Minister Narendra Modi's demonetization announcement.

However, the RBI clarified that the Rs. 2,000 notes would remain legal tender, according to a release issued by the bank.

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"Given the above and in pursuance of the "Clean Note Policy" of the Reserve Bank of India, it has been decided to withdraw the Rs 2000 denomination banknotes from circulation," the RBI said.

In a recent advisory, the Reserve Bank of India (RBI) has encouraged individuals to deposit their Rs 2,000 banknotes into their accounts or swap them for notes of other denominations at any bank branch.

This announcement has sparked a wave of creativity on social media, with Twitter flooded with humorous memes bidding farewell to the currency note, quickly making it a top trend.

From May 23 to May 30, individuals can exchange or deposit their Rs 2,000 notes, with a daily limit of Rs 20,000. The decision to discontinue the printing of Rs 2,000 banknotes was taken during the 2018–19 period, as the objective of introducing them was achieved with an adequate supply of other denominations post-demonetization.

Since its introduction, the circulation of Rs. 2,000 notes has significantly decreased. As of March 31, 2023, the total value of Rs 2,000 notes in circulation amounted to only Rs 3.62 lakh crore, constituting 10.8 percent of the overall notes in circulation.?

This decline has prompted the RBI's recent move to streamline the currency and encourage a smoother transition to alternative denominations.

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