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The Indian government announced the demonetization of all ₹500 and ₹1,000 banknotes of the Mahatma Gandhi Series in November 2016. The government introduced new ₹500 and ₹2,000 banknotes with new designs and security features to replace the demonetized banknotes. However, according to an RTI reply, the central bank stopped printing the Rs 2,000 since 2020. The central bank has frequently said that it wants to reduce high-value notes in circulation.
The decision to withdraw the ₹2,000 note from circulation was taken by the Reserve Bank of India (RBI) on May 20th, 2023 . The RBI has decided to withdraw the ₹2,000 note from active circulation as it has fulfilled its objective and availability of banknotes in other denominations in adequate quantities .
Here are some websites that discuss Why 2000 Notes Are Banned:
– https://www.reuters.com/business/finance/what-indias-decision-scrap-its-2000-rupee-note-means-its-economy-2023-05-20/
– https://www.thehindu.com/business/Economy/rbi-decides-to-withdraw-2000-note-from-circulation/article66870725.ece
– https://economictimes.indiatimes.com/wealth/save/rs-2000-notes-withdrawn-rbi-asks-all-to-deposit/exchange-rs-2000-notes-by-september-30/articleshow/100360633.cms
– https://indianexpress.com/article/explained/explained-2000-rupee-notes-withdrawal-why-has-the-rbi-done-this-8619041/
