The Reserve Bank of India’s (RBI) website crashed on Friday after the central bank announced that it would be withdrawing the 2000-rupee note from circulation. The note was introduced in November 2016, following the demonetization of 500- and 1000-rupee notes.
Sources - RBI The RBI has said that the 2000-rupee note will continue to be legal tender until September 30, 2023. After that date, it will no longer be accepted as legal tender.
The RBI has also said that it will be providing a facility for people to deposit or exchange their 2000-rupee notes at banks and RBI offices until September 30, 2023. After that date, there will be no facility for depositing or exchanging the notes.
The RBI has said that the decision to withdraw the 2000-rupee note is being taken in order to reduce the size of the currency in circulation. The RBI has also said that the 2000-rupee note is no longer needed as other denominations of notes are now available in adequate quantities.
The RBI’s announcement has caused a rush at banks and RBI offices, as people try to deposit or exchange their 2000-rupee notes. The RBI’s website has also crashed due to the heavy traffic.
The RBI has said that it is working to restore its website and that it is providing additional staff at banks and RBI offices to facilitate the deposit and exchange of 2000-rupee notes.
The RBI has also said that it will be providing a grace period for people to deposit or exchange their 2000-rupee notes after September 30, 2023. However, the RBI has not said how long the grace period will be.
The RBI’s decision to withdraw the 2000-rupee note has been met with mixed reactions. Some people have welcomed the decision, saying that it will help to reduce the size of the currency in circulation and make it more difficult for criminals to use cash. Others have criticized the decision, saying that it will inconvenience people and that it is unnecessary.
Only time will tell how the RBI’s decision to withdraw the 2000-rupee note will impact the Indian economy. However, it is clear that the decision has caused a lot of confusion and inconvenience for people.
Check more details on RBI official site.
Got to TheAnotherPost for more posts.
