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[28] [29] RBI said that 2,000 bank notes continue to be legal tender. [30] On 1 March 2024, Reserve Bank of India informed that 97.62% of Rs 2,000 notes have been returned to the banking system, however Rs 2,000 notes worth Rs 8,470 crore are still in circulation with public, at the close of business on 29 February 2024.
The first banknotes issued in the New Series were the denominations of ₹ 500 and ₹ 2000, and are in circulation since 10 November 2016. While the ₹ 500 note is still being printed, the ₹ 2000 note was last issued date 2017. [1] [2] [3] The RBI announced on 18 August 2017 that it would soon issue a new ₹ 50 note. [4]
It also announced the issuance of new ₹500 and ₹2,000 banknotes in exchange for the demonetised banknotes. [2] Prime Minister Narendra Modi said that this decision would curtail the shadow economy , increase cashless transactions and reduce the use of illicit and counterfeit cash to fund illegal activity and terrorism.
While the exchanging of notes was initially allowed only until 9th February, 1946, it was extended multiple times. [2]: 5 By the end of 1947, out of a total of Rs. 143.97 crore of high denomination banknotes, notes of the value of Rs. 134.90 crore were exchanged and notes worth Rs. 9.07 crore went out of circulation or were not exchanged.
Older notes, however, are not readable. Latent image: When held against the light at an angle of 45 degrees, an inscription of the value of the denomination is seen on the right side of Mahatma Gandhi's image. Microlettering: Micro-letters are used to print RBI on ₹10 notes, and the value of the denomination on other notes. Intaglio print:
The issuing of the ₹2000 sought to throw hoarders of black money off by rendering the cash money they held in large denomination currency notes as useless. This meant they would need to get the notes exchanged at a bank or post office, which would be near impossible due to the exchange limits.
The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to consolidate and amend the law relating to foreign exchange with the objective of facilitating external trade and payments and for promoting the orderly development and maintenance of foreign exchange market in India". [1]
In April 1999, an interim LAF was introduced to provide a ceiling and the fixed-rate repos were continued to provide a floor for money market rates. As per the policy measures announced in 2000, the Liquidity Adjustment Facility was introduced with the first stage starting from June 2000 onwards. Subsequent revisions were made in 2001 and 2004.