The 200-rupee note will remain legal tender, but people are asked to deposit and exchange them for smaller denominations between May 23 and September 30 – said the central bank of India. The central bank believes that the stock of banknotes of other denominations is still sufficient to satisfy the population’s currency needs.
The 2000 rupee note was introduced in 2016, after the Narendra Modi-led government suddenly withdrew Rs 500 and Rs 1,000 notes to curb counterfeiting. A few days later, the government started issuing new 500-rupee notes and then added the 2,000-rupee note to replace the currency in circulation at a faster rate.
However, since then the central bank has been focusing on printing notes of Rs 500 and below and it has not printed new 2000 rupee notes for the last four years.
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