Government Proposes to Ban INR 2000 Notes, Render Them Out of Circulation

The government of India has set a deadline of 30 September 2023 for its citizens to exchange their INR 2000 notes with their respective banks.

As per the announcement, all INR 2000 notes will be out of circulation in India after the said deadline. While the top official of the finance ministry, T.V Somanathan, has assured that this move will not cause any disruptions to the people, their response remains uncertain.

This step has been taken by the government to curb the hoarding of cash and black money in the economy.

It is expected that the demonetization of INR 2000 notes will promote transparency and accountability in the financial system and boost the digital economy in the country.

Citizens are advised to complete the exchange process at the earliest to avoid any inconvenience before the deadline.

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