The Reserve Bank of India has decided to withdraw the ₹2000 denomination banknotes from circulation but they will continue to remain as legal tender. It has advised banks to stop issuing ₹2000 denomination banknotes with immediate effect
The central bank asked all to deposit the Rs 2,000 banknotes into their accounts or exchange them for banknotes of other denominations at any bank branch by September 30, 2023. Deposit into bank accounts can be made in the usual manner, without any restriction. The exchange facility for Rs 2,000 currency notes will start from May 23, 2023, the RBI said. Do keep in mind that the existing Rs 2,000
The exchange facility for Rs 2,000 currency notes will start from May 23, 2023, the RBI said. Do keep in mind that the existing Rs 2,000 denomination bank notes will continue to be legal tender.
The ₹2000 banknotes were introduced in November 2016 to meet the immediate currency requirement of the economy after the withdrawal of ₹500 and ₹1000 banknotes. However, with the objective of their introduction fulfilled and the availability of other denominations in sufficient quantities, the printing of ₹2000 banknotes ceased in 2018-19. Furthermore, most of the ₹2000 denomination notes issued before March 2017 have reached the end of their estimated lifespan and are no longer commonly used for transactions, according to RBI.