India's Central Bank Withdraws Rs 2000 Notes From Circulation

Also Read: India Launches E-Rupee Pilot Project; Will It Affect Crypto Market?

advertisement

Exchange Until September 2023

The central bank will allow exchange of the ₹2000 banknotes up to September 30, 2023. In view of the public convenience, the RBI also placed a limit of ₹20,000 for single exchange. Fresh issuance of the bank notes will be discontinued with immediate effect, the central bank said in a circular.

“With a view to minimize inconvenience to the public, to ensure operational convenience and avoid disruption of the regular activities of bank branches, all banks may exchange ₹2000 banknotes upto a limit of ₹20,000/- at a time.”

The actual objective for the launch of Rs 2,000 notes was to meet the immediate currency requirement of the economy after withdrawal of the legal tender status of all ₹500 and ₹1000 banknotes in circulation in November 2016. Therefore, now that the purpose if fulfilled, the highest denomination notes will be withdrawn.

Recommended Articles
ethereum price crypto news
Crypto Telegram Channels List 2023 [Updated]
Must Read
ethereum price crypto news
Crypto Presale Projects For 2023 To Invest; Updated List
Must Read
ethereum price crypto news
Explained: What is Layer 0 in Blockchain? Layer Zero Crypto Examples
Must Read
ethereum price crypto news
Top Crypto Marketing Firms / Agencies 2023; Here’s Best Picks [Updated]
Must Read
ethereum price crypto news
Top 10 Web3 Games To Explore In 2023; Here List
Must Read

Also Read: Ripple SEC Lawsuit Settlement Incoming With Hinman Docs Delay?

Comments

Post a Comment

Popular posts from this blog

Cronos Labs to accept second cohort for $100M-backed Web3 accelerator program

The program aims to provide selected projects with upfront seed funding of $30,000 in addition to mentoring, masterclasses and support from industry experts. Blockchain startup accelerator Cronos Labs has announced the opening of applications for its second cohort of the $100 million-backed Cronos Accelerator Program.  The program, which begins on April 24, 2023, will last for 12 weeks and provide selected projects with upfront seed funding of $30,000. In addition, participants will have the opportunity to secure up to $300,000 in seed funding from Cronos Labs and receive mentoring, masterclasses and support from industry experts. The program is focused on the decentralized finance (DeFi), GameFi, SocialFi, and Infrastructure verticals and will accept applications until March 24, 2023. The selection of projects for the second cohort of the Accelerator Program will be based on various factors, including their market potential, the leadership team's expertise, market compatibilit...
Read more

Shiba Inu Burn Rate Skyrockets, Surges 36210%

Image
Shiba Inu, a notable and second-largest meme coin in the cryptocurrency market, has garnered significant attention. The development team has been actively engaged in initiatives like the Shiba Inu Burn, reflecting their dedication to the coin’s progress. The Shiba Inu burn rate has been subject to fluctuations, with some days witnessing higher numbers while others show a decline. However, in recent times, the burn rate has displayed relative stability, with a consistent daily burning of millions of SHIB. Also read: Ripple (XRP) Spikes Over 11% to Become Top-Performing Major Crypto According to the latest details from Shibburn, the SHIB burn rate has skyrocketed by 36210% amidst positive market conditions. SHIB Burn rate soars by 36210% Shibburn data shows that 173.2 million SHIB have been sent to dead wallets in the last 24 hours. One large transaction that occurred 19 hours ago sent 100 million SHIB to the dead wallet. The spike in the burn rate has prov...
Read more

Market Veteran Says XRP Now Faces “Lollapalooza Effect,” Predicts $90

EGRAG likens XRP’s potential growth to the “Lollapalooza Effect. The analyst underscores XRP’s unique regulatory status and significant partnerships as key to its bullish outlook. EGRAG projects targets of $1.10 and $1.40 for XRP, with a long-term potential peak at $90. EGRAG, a well-known crypto analyst, has recently argued the bullish potential of XRP by likening it to what he called the “Lollapalooza Effect.” He highlighted that the concept, coined initially by investor Charlie Munger, describes a scenario where various psychological and behavioral factors converge to exert a profound impact.  According to EGRAG, investor Munger used the “Lollapalooza Effect” to explain how combining multiple forces could synergize a subject to create extraordinary outcomes. In the case of XRP, EGRAG suggested that the asset is experiencing a similar effect.  The foundation of the sentiment is a combination of factors surrounding the XRP ecosystem. Spec...
Read more