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Why ATMs stopped dispensing Rs 2000 notes?

Why ATMs stopped dispensing Rs 2000 notes?
A customer hands Indian currency notes to an attendant at a fuel station in Mumbai, India, August 13, 2018. REUTERS/Francis Mascarenhas

Hyderabad: Now you may not be able to get 2000 rupee notes from ATM. If reports are to be believed large notes will gradually decrease in ATMs, following the signal from the Reserve Bank of India (RBI).

As reported by News Track, cassette (box) which holds 2000 notes in ATM machines, have been removed from almost all ATMs in many districts. Similarly, circulation of 500 rupee note will also be gradually stopped and after the withdrawal of 2000 and 500 notes, only 100 and 200 rupee notes will remain in the ATM.

According to the New Indian Express, the Reserve Bank of India, in reply to an RTI query, informed that the printing of the high-value note has been stopped. Not a single banknote of Rs 2,000 denomination was printed in this financial year.

Financial experts see the move to taper down and finally stop the printing of the high-value notes as an attempt to prevent easy hoarding.

Rs 2,000 note was introduced after the government’s sudden announcement to ban old Rs 500 and Rs 1,000 notes in November 2016.

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