Rs 2,000 currency notes circulation restricted by a public sector bank

A public sector bank has put circulation of Rs 2,000 notes under restrictions. Rs 2,000 were newly introduced by the central government after Rs 500, Rs 1,000 were banned in the country following Modi govt’s big demonetization move in 2016 in order to combat black money, corruption and move towards a digital economy.

Senior management of a public sector bank has been asked to restrict the circulation of Rs 2,000 notes and also not to stock it in ATMs, according to a report by Business Insider.

Although there are no restrictions on the bank accepting Rs 2,000 notes for the deposit from its customers.

However, the Reserve Bank of India (RBI) has not mentioned any reason as to why Rs 2,000 notes circulation has been restricted by a public sector bank.

Meanwhile, in an RTI reply, the central bank said that printing of Rs 2,000 currency notes has been halted since October 2019.