According to The Print, RBI has stopped printing ₹2,000 notes.
This move comes in a bid to slowly reduce the circulation of the said notes.
However, it does not mean that the denomination will become invalid. Rather, the notes will be gradually phased out.
The decision was made at the suspicion that the high-denomination banknote is being used for hoarding, tax evasion, and money laundering.
According to The Print, many Indian cities reported massive cash shortage last April. The government suspects cash hoarding, ahead of state elections.
The high-value denomination was introduced in the market in 2016 in a bid to counter cash shortage following demonetisation.
Twitterati had their own divided opinions on the decision,
RBI is yet to provide a comment.
