A sudden circulation from the Reserve Bank of India(RBI) has created confusion amongst Indians as the facts that lay behind this decision still remain undiscovered. The RBI on 19th of May, 2023, by means of a circular, issued a notice that Rs. 2000 notes that are currently in circulation will be withdrawn slowly from the market while it will still hold its “Legal Tender” status. Now what does that mean? This means that you can still use it for your transactions but you should reduce its use and use other smaller denomination currencies like Rs. 100, Rs. 200, and Rs. 500 notes. You can deposit your Rs. 2000 denomination notes to your bank and get a smaller denomination note in return. The central bank also stated that you can exchange Rs. 2000 notes with smaller denomination notes up to the limit of Rs. 20,000 at a time to avoid operational inconvenience and disruption of regular activities of bank branches. Here are the answers to all the questions you might have. Why were Rs. 200...
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