Why 2000 rupee notes are being closed
Earlier, for the first time in India, after eight o’clock in the night of November 8, 2016, under section 24 (1) of the RBI Act-1934, demonetisation was done to get the 500 and 1000 rupee notes out of circulation in the market. After this, RBI started printing 500 and 2000 rupee notes in exchange of 500 and 1000 rupee notes to meet the needs of the economy with the consent of the Government of India. Since, notes of smaller denomination became easily available in the market, RBI had stopped printing of Rs 2000 notes in 2018-19. About 89 per cent of the Rs 2,000 denomination notes issued before March 2017 are said to have disappeared from the market within a span of 4-5 years. It is also being told that people are not dependent on the Rs 2,000 note for regular daily transactions.
