-The decision has been taken to circulate lower denominations as people were complaining about transactions of 2000 rupees notes.
-They were not able to pay bills of lower amount in the absence of lower denominations.
RBI has issued directives to issue lower denominations of currency notes to public approaching the bank. This decision has been taken keeping in mind the issues faced by public in the absence of lower denominations like 100 Rs., 200 Rs. and 500 rupee currency bills.
The directives were issued on Tuesday by SBI. Lead bank Officer Balendra Prasad informed that public was facing trouble as they did not have lower currency notes with them. Even the ATMs give out 2000 rupee notes and the shopkeepers are also unable to return the balance amount as they are short of smaller bills.
All the banks have henceforth been asked to furnish smaller denominations to the public though 2000 rupee notes will still be in circulation and THEY HAVE NOT BEEN STOPPED.
The news that 2000 rupee notes are being stopped is only a rumour and public must make a note of it that this currency denomination will be slowed down to provide lower notes to the public, but not stopped.