Rs. 2000 Notes To Gradually Phase Out; ATMs Under Recalibration

As per a per a leading business dailies report as many as 240000 ATMs are under the process of recalibration and in the process Rs. 2000 notes are being replaced with Rs. 500 currency notes. Through the move, the highest denomination currency is likely taken out of circulation.

Rs. 2000 Notes To Gradually Phase Out; ATMs Under Recalibration

In the ATM there are different slots for carrying different currency denomination so in the recalibration, the cassette with Rs. 2000 note shall be exchanged with Rs. 500 notes. And the Rs. 2000 notes shall be stashed in the currency chest of RBI.

Nonetheless as per sources, the currency note of Rs. 2000 shall continue to be legal tender.

Such a process as per the report will take as long as a year and while this is being carried out users need not panic as the currency shall remain a legal tender.

With the move, white label ATMs and banks would deposit as for each transactions they earn Rs. 15 and withdrawing large sum eventually means more of swipe with less denomination currency.

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