Why did the RBI withdraw ₹2,000 notes?

The ₹2,000 notes, which was introduced in 2016, have been withdrawn from circulation, but these notes will continue to be legal tender. The Reserve Bank of India had asked the public to deposit their holding of ₹2,000 notes with banks or exchange them with notes of other denominations such as ₹500 or ₹100. This exchange can be done until September 30, 2023 and there is a limit of ₹20,000 in each transaction. Deposits can be done without any limit. Why did the RBI announce this move? How will it impact the Indian economy?

Nabodita Ganguly talks to Lokeshwarri SK, Senior Associate Editor, to know more.

Read the story here.

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