RBI to withdraw Rs. 2000 notes from circulation; details here
Mumbai: In a significant move, the Reserve Bank of India (RBI) has announced the immediate discontinuation of printing new ₹2000 denomination banknotes. However, it has clarified that the existing ₹2000 banknotes will continue to be recognized as legal tender.
The introduction of ₹2000 banknotes in November 2016 was aimed at swiftly fulfilling the currency requirements of the economy after the withdrawal of ₹500 and ₹1000 banknotes. With the circulation of banknotes in other denominations improving over time, the original purpose of introducing the ₹2000 banknote has been successfully achieved, leading to its printing being halted in 2018-19.
The RBI's decision to withdraw ₹2000 banknotes from circulation aligns with its "Clean Note Policy." Despite this, individuals can still use these banknotes for transactions as they will remain legal tender, said RBI in its press release.
To ensure convenience and minimize disruptions at bank branches, the exchange of ₹2000 banknotes for banknotes of other denominations will be limited to ₹20,000 at a time, effective from May 23, 2023. Banks have been instructed to provide deposit and exchange facilities for ₹2000 banknotes until September 30, 2023.
Furthermore, the RBI's 19 Regional Offices with Issue Departments will facilitate the exchange of ₹2000 banknotes up to the limit of ₹20,000 at a time, starting from May 23, 2023.
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DMK to challenge Waqf (Amendment) Bill in Supreme Court
Chennai: Tamil Nadu’s ruling Dravida Munnetra Kazhagam (DMK) has announced its decision to challenge the Waqf (Amendment) Bill in the Supreme Court. The Bill was passed in the Lok Sabha early Thursday morning with a 288-232 vote despite strong opposition from several parties.
Chief Minister M K Stalin, addressing the Tamil Nadu Assembly while wearing a black ribbon in protest, condemned the passage of the Bill, calling it an attack on the Constitution and an attempt to disturb communal harmony. He reiterated that Tamil Nadu would fight against the BJP-led Union government on the issue of Waqf properties.
“A majority of political parties opposed the Bill, yet it was pushed through with support from some alliance partners. This move is condemnable. The DMK will challenge it in the Supreme Court,” Stalin said.
On March 27, the Tamil Nadu Assembly had passed a resolution against the Bill. Stalin had then accused the BJP government of introducing policies aimed at excluding certain communities, citing the Citizenship Amendment Act (CAA) as an example.
“The Waqf (Amendment) Bill is another attempt by the Union Government to interfere in the religious administration of Muslims. It grants greater control to the government over Waqf properties, undermining their autonomy and violating fundamental rights,” he said.
Stalin further accused the BJP of pushing a divisive agenda, asserting that the Bill would create legal hurdles for Waqf institutions and strip them of their autonomy.
