New 500 And 2,000 Rupee Notes India Indian Currency

The Reserve Bank of India is introducing new design banknotes in the denomination of ₹2000 as part of Mahatma Gandhi(New) Series. The new denomination has motif of the Mangalyaan on the reverse, depicting the country's first venture in interplanetary space. The base colour of the note is magenta. The note has other designs, geometric patterns aligning with the overall colour scheme, both on the obverse and the reverse. The size of the new note is 66mm x 166mm.

The notes will remain legal tender, it added, but people will be asked to deposit and exchange them for smaller denominations by Sept. 30.

New 500 And 2,000 Rupee Notes India Indian Currency

India will start withdrawing its highest value currency notes from circulation, the central bank said on Friday, in a move that economists said could boost bank deposits at a time of high credit growth.

New 500 And 2,000 Rupee Notes India Indian Currency

Announcing the withdrawal, the Reserve Bank of India (RBI) said evidence showed the denomination was not being commonly used for transactions.

New 500 And 2,000 Rupee Notes India Indian Currency

The withdrawal of 2,000-rupee ($24.5) notes - which the finance ministry's top official, T.V Somanathan, said would not cause disruption "either in normal life or in the economy" - also comes ahead of elections in four large states at the end of the year and a national ballot in spring 2024.

New 500 And 2,000 Rupee Notes India Indian Currency

Most of India's political parties are believed to hoard cash in high denomination bills to fund election campaign expenses to get around tough spending limits imposed by the Election Commission.

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