According to the reports, ATM Re calibration to see the phase out of Rs 2000 notes

Demonitisation was a big step taken by the government of India. Because of that, a lot of black money got destroyed and the country also faces many major issues like lacking of physical money as well. Government also introduced the 2000 rs notes to the country. However, according to the reports, the Rs 2,000 may be taken out of the circulation.

According to the business standard- Efforts are underway to recalibrate over 240,000 automated teller machines (ATMs) to replace the currency note with those of Rs 500 denomination,

The currency of Rs 2000 will remain a legal tender but gradually, it will be phased out of public circulation.

Atm right now have the different 4 set of notes like Rs 100, Rs 200, Rs 500 and Rs 2000 and they carry around 2300-2600 peices in total.

Now the recalibration will entail the R 2000 slot with Rs 500 notes. Banks are also stashing the Rs 2000 notes in their currency and it will go to the Reserve Bank of India’s vault.

It is a big process which will take time of one year. As the sources said- till boxes are being rebooted. However, the customers do not need to panic as these currency slot will continue to be legal tender.

However, it will be a good step taken for the easiness of getting exchange as people face the crisis of getting the change of the big note like Rs 2000. since it will take time, the decision can be changed.