Withdrawal of Rs2000 currency note Demonetisation 2.0?

In a surprise move, the Reserve Bank on Friday announced the withdrawal of Rs 2,000 currency notes from circulation but gave the public time till September 30 to either deposit such notes in accounts or exchange them at banks.

Congress launched a scathing attack on PM Modi, even calling the move Demonetisation 2.0

But is it actually similar to the 2016 note ban?

Simply putting, RBI's recent order has not banned the currency note and is still and will remain a legal tender till September 30, 2023.

On the other hand, as per the announcement made on November 8, 2016, all Rs 500 and Rs 1,000 denomination notes could not be used as legal tender. They were invalidated overnight.

Besides, RBI in an official statement has said that Rs 2000 notes can be exchanged in lower denomination notes.

With PTI Inputs