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    Question

    What was the significant reason behind the Reserve Bank

    of India's (RBI) decision to withdraw ₹2000 denomination banknotes from circulation on May 19, 2023?
    A To combat inflation and reduce the fiscal deficit Correct Answer Incorrect Answer
    B To encourage the use of digital payments and reduce cash transactions Correct Answer Incorrect Answer
    C To eliminate counterfeit currency and reduce black money Correct Answer Incorrect Answer
    D To replace old banknotes with new denominations Correct Answer Incorrect Answer
    E To streamline the currency structure and reduce printing costs Correct Answer Incorrect Answer

    Solution

    The RBI's decision to withdraw ₹2000 denomination banknotes from circulation was aimed at curbing the circulation of counterfeit currency and reducing black money in the economy.

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