RBI's Decision to Withdraw ₹2000 Notes from Circulation
Introduction In a significant move that has sent shockwaves across the Indian economy, the Reserve Bank of India (RBI) has recently decided to withdraw the ₹2000 note from circulation. This decision, aimed at curbing black money, counterfeit currency, and promoting a digital economy, has far-reaching implications for businesses, consumers, and the overall financial landscape of the country. In this article, we delve deep into the intricacies of the RBI's decision and its potential impact. The Rational behind RBI's Decision Curbing Black Money One of the primary reasons behind the RBI's decision to withdraw the ₹2000 note is to combat the menace of black money. By phasing out the high-denomination note, the central bank aims to discourage illicit financial activities and promote greater transparency in monetary transactions. This move aligns with the government's broader agenda of eradicating corruption and promoting a cashless economy. Combating Counterfeit Currency ...