The Reserve Bank of India (RBI) has chosen to stop issuing Rs 2,000 notes.

Removing the notes seeks to reduce illicit market transactions and promote the usage of electronic payment systems.

A stronger level of control over the circulation of high-denomination money is anticipated to be made possible by the elimination of Rs 2,000 notes.

By making the change, the monetary system will be simplified and the supply of large-value notes in the market.