The Reserve Bank of India (RBI) has announced the withdrawal of the Rs 2,000 note. The process of exchanging the notes will start from tomorrow i.e. 23 May 2023. RBI Governor Shaktikanta Das said that under the Clean Note Policy, a step has been taken to withdraw the Rs 2000 note. RBI has given banks the facility to deposit and exchange two thousand rupee notes till 30 September 2023. Do you know what is the clean note policy of RBI? Why did RBI need to withdraw Rs 2000 notes?
RBI is withdrawing Rs 2000 notes under the clean note policy. The Clean Note Policy was introduced in the year 1988 to provide good quality notes to the people. This policy was introduced to curb the circulation of fake notes in the country. According to Section 27 of the RBI Act 1934, no person shall destroy or tamper with notes in any manner whatsoever. The goal of this policy was to keep the notes in circulation as well as clean. To make digital payments more secure, the new clean note policy was implemented from October 1, 2018.