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What is "Clean Note Policy"?

The Clean Note Policy mandates banks and financial institutions to remove unfit or damaged notes from circulation and replace them with new ones. Its objective is to uphold the integrity of India's currency by ensuring that the public has access to clean, secure, and long-lasting banknotes, while also reducing the risk of counterfeit currency.

The total value of the ₹2000 banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023.

-The removal of the ₹2000 note from circulation is expected to have several impacts. Firstly, there will be a surge in deposits as people exchange their withdrawn currency with banks. This will result in increased liquidity, leading to a potential decrease in interest rates. As a result, both fixed deposit rates and lending rates may come down, making banks more inclined to provide credit. Consequently, the demand for loans is likely to rise, benefiting the entire economic ecosystem. Overall, this move holds the potential for positive outcomes and a boost to the economy.

Checkout the below given links for more details…

RBI Notification - https://bit.ly/3pWovUt

FAQs - https://bit.ly/3MKC9Da


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