RBI Monetary Policy: About three-fourths of Indians are depositing ₹2,000 notes into bank accounts instead of exchanging them for smaller denominations
Since the Reserve Bank of India (RBI) announced the withdrawal of 2,000-rupee notes from circulation, their usage has skyrocketed in bars, restaurants, and Indian-made foreign liquor (IMFL) outlets across the city. Many patrons have found it more convenient and enjoyable to spend the currency at their favorite establishments rather than standing in long bank queues., Kolkata News, Times Now
In November 2015 under Section 24(1) of the RBI Act of 1934, the Rs 2,000 banknote was introduced. The RBI Act allows the introduction of notes of any denomination, not exceeding Rs 10,000.