The RBI printed these currency notes after demonetization to keep people from running out of cash. It was a quick fix to a bigger problem. But as these notes were circulating in the country, it became easier to hoard black money in huge amounts. This, in turn, created the very problem Indian government was trying to solve. Moreover, in the name of these notes, fake currency was being circulated.The common man in India does not need currency of this denomination anyway.
In FY2019-20, RBI stopped printing these notes which was a step towards lessening the use of this currency. After the initial period, less amount of this currency was printed and it ultimately came to a halt. Not only did RBI decrease the amount of these notes, they started to withdraw this money from banks and other financial institutions to stop the usage of u20b92000 notes.
This withdrawal should not be confused with discontinuation. These notes are still acceptable and can be used everywhere in the country (if you’ve got any). So, is life better with or without a u20b92000 note? Let us know in the comments..
