Demonetisation struck India in 2016 and since then, Indian Financial system has been going through some serious makeover. Banning the Rs. 500 and Rs. 1000 notes were the first step towards the renewal of the entire Financial system of the country. Reserve Bank of India (RBI) has been really busy with the production of the new series of currency for the country. Right after the ban of Rs. 500 and Rs. 1000 notes, RBI was instructed to bring forth the new series of currency by printing new Rs. 500 and Rs. 2000 note. This one statement on 8th November 2016 left the entire country in the state of shock.
According to Mr. Modi, Mr. Arun Jaitley and other officials, this step was carried out with the clear motto of destroying the Black money. This one step has now changed the entire financial system of the nation. It is the first time after Independence of the country, that its financial system has been getting redefined.
Hints from RBI that suggest withdrawal of Rs. 2000 Note
It was in 2017 July that RBI announced that they have stopped the printing of Rs. 2000 notes and are shifting the entire focus on printing the new Rs. 200 note. This was the statement that initialized the thought that this new Rs. 200 note will be the end for Rs. 2000 notes. It has been quite challenging for people of India to tackle through this demonetization and now that a little stability has been regained, the Reserve Bank of India is hinting on withdrawal of the Rs. 2000 note.
Is it a Good Move to Withdraw Rs. 2000 Note or Not?
If asked, there are some good points that we would like to bring forth suggesting that there are many positive impacts if RBI withdraws Rs. 2000 note. Since the release of the new Rs. 2000 note by RBI, the public has been facing lots of challenges. It is a very high currency notes and is difficult to find change for. Although the circulation of the new currency has been carried out successfully still, it is quite challenging to find the change for Rs. 2000 note, till date. It is like ‘either spend all or spend nothing’ situation for the general public of the country.
So, if the Rs. 2000 notes get withdrawn, it might resolve many problems faced by the general public.