Indian_2000-rupee_note

Indian 2000-rupee note

Indian 2000-rupee note

Obsolete denomination of Indian currency

The 2000 rupee note was introduced by the Reserve Bank of India on 8 November 2016. The introduction of this denomination of the Indian rupee was part of the government's demonetization exercise aimed at curbing corruption, black money and counterfeit currency. On the same day, the Indian government announced the demonetization of the existing 500 rupee and 1000 rupee notes. The intention behind demonetization was to invalidate the old notes to disrupt illegal activities and promote a shift towards digital transactions.

Quick Facts (India), Value ...

Initially, the circulation of the 2000 rupee note was limited due to the demonetization exercise and the subsequent re-calibration of ATMs and cash distribution systems. However, as the process unfolded, the note became more widely available for circulation.

History

Obverse of the ₹2000 banknote between October 2016 – November 2023

It was released by the Reserve Bank of India (RBI) on 8 November 2016 after the demonetisation of ₹500 and ₹1000 banknotes and has been in circulation since 10 November 2016.[1] It is a part of the Mahatma Gandhi New Series of banknotes with a completely new design.

This was the highest currency note printed by RBI that was in active circulation, ever since the 1,000 rupee note was demonetised in November 2016.[2][3][4] Before the official announcement by RBI, the media reported that ₹2000 notes had been printed from the currency printing press in Mysuru by the end of October 2016.[5] Post 2016 Indian banknote demonetisation, seven new currency notes have been announced by the Reserve Bank of India-- ₹2,000, ₹500, ₹200, ₹100, ₹50, ₹20, and ₹10.[6][7]

According to the RBI data, there were 3,285.87 million pieces of ₹2000 notes in circulation at end-March 2017. A year after (on March 31, 2018), there was only a marginal increase in the number at 3,363.28 million pieces. Of the total currency in circulation amounting to ₹18,037 billion at end-March 2018, ₹2000 notes accounted for 37.3 percent, down from 50.2 percent at end-March 2017.[8] The share has come down to 22.6 per cent at end-March 2020.[9]

The ₹2,000 note was created as a quick fix, to have enough circulation of currency.[10] With lower denominations available in circulation, the Indian government and the RBI has rolled back ₹2,000 notes from circulation.[10]

Under the rationale that the ₹2000 note was being used for hoarding and tax evasion, RBI has stopped the printing of banknotes of ₹2000 denomination[11] and no new notes of this denomination were printed during the 2019-20 financial year.[12]

Withdrawal

On 20 May 2023, the Reserve Bank of India announced its decision to withdraw the ₹2,000 notes from circulation. Despite this, the notes will remain legal tender and can be exchanged or deposited in bank accounts until 30 September 2023, after which the banknote was demonetised.[13][14]

In addition, banks were instructed not to issue 2,000-rupee notes and to increase their staff and counters to handle the expected surge in transactions. The government clarified that this measure is not a "demonetisation" effort. However, the announcement caused some concern among the public, with comparisons being made to the previous demonetisation initiative. While certain BJP lawmakers praised the move as a "second surgical strike on black money," opposition leaders argue that the decision to withdraw notes in 2016 was flawed and that this recent action is an acknowledgment of that mistake. Following the government's announcement, there were reports of individuals using 2,000-rupee notes to make payments at petrol stations and shops in an attempt to dispose of them.[15][16]

On 1 September 2023, Reserve Bank of India informed that 93% of Rs 2,000 notes, worth Rs 3.32 lakh crore have been returned to the banking system, and therefore Rs 2,000 notes in circulation stood at Rs 0.24 lakh crore, at the close of business on 31 August 2023.[17][18][19]

On 30 September 2023, Reserve Bank of India informed that 96% of Rs 2,000 notes, worth Rs 3.42 lakh crore have been returned to the banking system, and therefore Rs 2,000 notes in circulation stood at Rs 0.14 lakh crore.[20][21] Reserve Bank of India extended the deposit/exchange deadline to 7 October 2023, and thereafter can be exchanged by individuals at the 19 RBI Issue Offices only.

On 1 November 2023, Reserve Bank of India informed that 97% of Rs 2,000 notes have been returned to the banking system, however Rs 2,000 notes worth Rs 10,000 crore are still in circulation with public, at the close of business on 31 October 2023.[22][23][24][25]

On 1 December 2023, Reserve Bank of India informed that 97.26% of Rs 2,000 notes have been returned to the banking system, however Rs 2,000 notes worth Rs 9,760 crore are still in circulation with public, at the close of business on 30 November 2023.[26][27] RBI said that 2,000 bank notes continue to be legal tender.[28]

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.[29][30] RBI said that 2,000 bank notes continue to be legal tender.[31]

On 1 April 2024, Reserve Bank of India informed that 97.69% of Rs 2,000 notes have been returned to the banking system, however Rs 2,000 notes worth Rs 8,202 crore are still in circulation with public, at the close of business on 29 March 2024.[32][33]

Design

The new ₹2000 banknote was a 66 mm × 166 mm Magenta coloured note, with the obverse side featuring a portrait of Mahatma Gandhi, the Ashoka Pillar Emblem, and the signature of Reserve Bank of India Governor. It has Braille print on it, to assist the visually challenged in identifying the currency. The reverse side features a motif of the Mangalyaan, representing India's first interplanetary space mission, and the logo and tag line for Swachh Bharat Abhiyan.[1]

Security features

Microscopic view of the ₹2000 Indian currency note showing micro printing of letters 'RBI'

The ₹2000 banknotes has multiple security features, listed below:[1]

  • See-through registration device with denominational numeral ₹2000
  • Latent image with denominational numeral ₹2000
  • Denominational numeral २००० rendered in Devnagari script
  • Micro letters 'RBI' and '2000' on the left side of the banknote
  • Windowed security thread with inscriptions 'भारत', RBI, and ₹2000 on banknotes, with a colour shift. The thread colour changes from green to blue when the note is tilted
  • Guarantee Clause, the Governor’s signature with the Promise Clause, and the RBI's emblem on the right side
  • Denominational numeral with Rupee Symbol, ₹2000 in colour changing ink (green to blue) on bottom right
  • Ashoka Pillar emblem on the right Mahatma Gandhi portrait and electrotype (2000) watermarks
  • Number panel with numerals growing from small to big on the top left side and bottom right side.
  • For the visually impaired Intaglio (raised printing) of Mahatma Gandhi portrait, Ashoka Pillar emblem, bleed lines and identity mark
  • Horizontal rectangle with ₹2000 in raised print on the right
  • Seven angular bleed lines on left and right side in raised print (obverse)
  • Year of printing of the note on the left (reverse)

Languages

Like other Indian rupee banknotes, the ₹2000 banknote has its amount written in 17+1 languages (Braille language added on new currency notes for visually impaired). On the obverse, the denomination is written in English and Hindi. On the reverse is a language panel which displays the denomination of the note in 15 of the 22 official languages of India. The languages are displayed in alphabetical order. Languages included on the panel are Assamese, Bengali, Gujarati, Kannada, Kashmiri, Konkani, Malayalam, Marathi, Nepali, Odia, Punjabi, Sanskrit, Tamil, Telugu, Urdu, and Braille.

More information Denominations in central level official languages (At below either ends), Language ...

See also

References

  1. [1]
    Killawala, Alpana (8 November 2016). "Issue of ₹ 2000 Banknotes" (PDF) (Press release). RESERVE BANK OF INDIA. Archived (PDF) from the original on 10 November 2016. Retrieved 14 November 2016.
  2. [2]
    Krishnamachari, S V (22 October 2016). "Reserve Bank of India to issue Rs 2,000 notes soon: Report". IB Times. Archived from the original on 14 August 2018. Retrieved 6 November 2016.
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    "Trending: Rs 2000 Note First Look!". gulte.com. 6 November 2016. Archived from the original on 20 January 2018. Retrieved 6 November 2016.
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    "Is this new Rs2,000 banknote from RBI? Twitterati seems to think so". New Delhi: Indian Express. 6 November 2016. Archived from the original on 6 November 2016. Retrieved 6 November 2016.
  5. [5]
    Sridhar, G Naga; Vageesh, NS (21 October 2016). "Coming soon to your wallet: ₹2,000 notes". The Hindu Business Line. Archived from the original on 25 February 2017. Retrieved 6 November 2016.
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    "Rs 200 note: Why the RBI is giving you the new Rs 200 note – The Times of India". The Times of India. Archived from the original on 10 May 2021. Retrieved 8 May 2021.
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    "1 rupee note: Re-1 note back in business | Mumbai News – Times of India". The Times of India. Archived from the original on 26 October 2021. Retrieved 8 May 2021.
  8. [8]
    "RBI scales down printing of Rs 2000 note to minimum: Govt source". 3 January 2019. Archived from the original on 5 January 2019. Retrieved 5 January 2019.
  9. [9]
    SYED, FALAKNAAZ (26 August 2020). "Don't jump, Rs 2000 currency notes slowly being phased out". Deccan Chronicle. Archived from the original on 24 October 2020. Retrieved 21 October 2020.
  10. [10]
    Gill, Prabhjote (10 February 2020). "Exclusive: Bankers reveal why RBI is quietly rolling back the ₹2000 notes". Business Insider. Archived from the original on 5 July 2020. Retrieved 5 July 2020.
  11. [11]
    "India stops printing Rs 2,000 note, two years after its shock launch". 3 January 2019. Archived from the original on 29 January 2020. Retrieved 29 January 2020.
  12. [12]
    Vikram, Kumar (14 October 2019). "Curbing black money: Printing of Rs 2,000 notes stopped, says RTI reply". The Indian Express. Archived from the original on 29 January 2020. Retrieved 29 January 2020.
  13. [13]
    "Rs 2,000 Notes To Be Scrapped, Exchange Them By This Date, Will Remain Legal Tender". NDTV.com. Archived from the original on 19 May 2023. Retrieved 19 May 2023.
  14. [14]
    "RBI on 2000 Rupee note: RBI to withdraw Rs 2,000 notes from circulation; notes will continue to be legal tender". The Times of India. 19 May 2023. ISSN 0971-8257. Archived from the original on 19 May 2023. Retrieved 19 May 2023.
  15. [15]
    "Indian banks start exchanging withdrawn 2,000-rupee notes". BBC News. 23 May 2023. Retrieved 23 May 2023.
  16. [16]
    "https://twitter.com/ANI/status/1659586676681760768". Twitter. Retrieved 23 May 2023. {{cite web}}: External link in |title= (help)
  17. [17]
    "93% of Rs 2,000 notes returned since May when it was withdrawn, says RBI".
  18. [18]
    "93% Of ₹ 2,000 Notes In Circulation Have Been Returned To Banks: RBI".
  19. [19]
    "September 30 last date to submit Rs 2,000 notes, but no rush seen at banks".
  20. [20]
    "RBI extends deadline for exchange of Rs 2,000 notes to October 7".
  21. [21]
    "96% of Rs 2,000 banknotes returned by Sep 30; RBI allows return at bank counters till Oct 7".
  22. [22]
    "RBI reveals over 97% of Rs 2,000 notes returned, Rs 10,000 crore worth notes still in circulation".
  23. [23]
    "'Rs 2,000 notes continue to be legal tender': RBI's latest update on withdrawn currency".
  24. [24]
    "₹2,000 note exchange: RBI office turns into melting pot".
  25. [25]
    "Odisha: People throng RBI office to exchange ₹ 2,000 notes as deadline passes, police verify their identity".
  26. [26]
    "RBI says ₹2000 notes worth ₹9760 crore not deposited, exchanged".
  27. [27]
    "97.26% of Rs 2,000 notes returned to RBI since withdrawal, Rs 9,760 crore still in circulation".
  28. [28]
    "RBI Says ₹ 2,000 Notes, Now Withdrawn, Worth ₹ 9,760 Crore Yet To Return".
  29. [29]
    "97.62% of Rs 2,000 notes returned, Rs 8,470 cr yet to come back".
  30. [30]
    "₹2,000 banknotes worth ₹8,470 crore still in circulation, says RBI".
  31. [31]
    "Total value of Rs 2000 banknotes in circulation declined to Rs 8470 crore".
  32. [32]
    "97.69% of Rs 2,000 currency notes returned: RBI".
  33. [33]
    "97.69% of ₹2,000 notes as of March 29 2024 returned, remaining legal tender".

15. 2,000 रुपये का नोट बंद! 6 साल से चलन में रहे दो हज़ार का नोट के बारे में जानने वाली 10 बातें
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