The circulation of 2,000 rupee notes is reportedly put under ban by a top public sector bank. In other words, its circulation has been banned.
According to Business Insider's report, a large public sector bank has issued instructions to management to keep 2,000 rupee notes out of circulation and also not to stock in the bank's ATMs.
Moneycontrol has not independently verified the report. However, the bank is still accepting Rs 2,000 notes from depositing individuals.
According to the Reserve Bank of India report, the reason behind stopping the circulation of notes is yet to be clarified. Recently, a report of fake note cases has come up in the country.
The National Criminal Records Bureau (NCRB) revealed that 56 percent of all 2000 rupee notes seized were fake. This has resulted in a decrease in the production and supply of denomination notes across the country.
In response to the Right to Information (RTI) investigation, RBI had said that the printing of currency notes of Rs 2,000 has been stopped from October 2019. It is expected that the notes will be reprinted with better security measures and existing notes will be phased out soon.
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