Reserve Bank of India (RBI) on Friday said it will withdraw Rs 2000 currency note from circulation. But, the note will continue to be legal tender, it added. Exchange them by September 30, 2023, said RBI. The facility for exchange of Rs 2,000 bank notes up to the limit of Rs 20,000 at a time will be provided at the 19 Regional Offices (ROs) of the RBI having issue departments from May 23.
RBI advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect though banknotes in Rs 2000 denomination.
The Reserve Bank of India on Friday announced withdrawal of Rs 2,000 currency notes from circulation, and existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.
What RBI said
In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of Rs 2,000 bank notes into bank notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.
The RBI has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.
The 2000-rupee banknote was released by the RBI on 8 November 2016 after the demonetisation of Rs 500 and Rs 1000 banknotes. It was in circulation since 10 November 2016.
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