What is last date to exchange or deposit 2000 rs demonetized notes in India

SBI research report Ecoflash has come out with findings of upcoming ban of 2000 notes forever. 2000 note ban date latest news in India is being inquired by everyone who is possessing these notes in great numbers. Last time when 500, 1000 notes were demonetized and last date for exchanging these notes ended on 31-12-2016. There were lot of difficulties for exchanging or depositing old notes in banks or RBI special counters. This is why all Indians are worried and anxious to know about Rs. 2000 note ban latest news in India.

One year back demonetization of 500 and 1000 notes was made on 8-11-2016. After ban of 500, 1000 notes there was shortage of cash which made Reserve Bank of India decided to release new Rs.2000 notes. When 200 notes were given out there was lot of difficulties in exchanging 2000 notes in shops, petrol pumps .etc. for making small payments. This was why RBI again released new Rs.200, Rs.50 notes in India.

Now a news is coming out that Reserve Bank of India has plans to stop bringing already printed 2000 notes into Indian economy. This is why crores of Rs.2000 notes are stashed in RBI lockers without giving it out into public. Based on a SBI Research report in December 2017 RBI has plans to stop printing of new 2000 notes. RBI will issue small denomination currency notes after withdrawing of higher denomination notes.

These upcoming changes has made Rupees 2000 note ban date latest news in India from Reserve Bank of India (RBI) a viral one in past few days. Everyone is worried that they will have to que up in front of bank branches o counters to exchange old 200 notes if it gets demonetized all of a sudden.

This new move could also be a step to increase digital transactions and decrease people stacking higher value 2000 notes as black money.

Rs. 2000 note ban date news in India

Small denomination currency in circulation was Rs. 3,50,100 crore and Higher denomination notes in circulation was Rs. 13,32,400 crore. Till now RBI has printed 1,695.7 crore Rs. 500 notes, 365.4 crore Rs. 2,000 notes. But among it 2000 notes of value Rs. 2,46,300 crore have not been issued into market. SBI group’s Chief economic advisor Soumya Kanti Ghosh informed through the report that there is cash shortage in banks and availability of liquid cash.

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After demonetization Rs 2000 notes were introduced to avoid cash problems but over past few months these notes are not being released by RBI. Another doubt that comes into everyone’s mind is whether all currency notes, coins will be demonetized forever making everyone deposit their cash into bank accounts. Will such a move be made by Indian government to make a complete digitalization in India is also in everyone’s mind.

Anyway SBI report that Rs.2000 notes may get withdrawn or demonetized has made most people panic. It’s because thousands of people still posses old Rs.500, 1000 notes with them which they cannot exchange in banks as the last date for deposit or exchange ended on 31-12-2016.

In many foreign countries there are no currency transactions and they depend only on digital, online transactions for making payments.