RBI to withdraw Rs 2,000 notes from circulation: All you need to know

RBI will withdraw Rs 2,000 currency note from circulation but it will continue to be legal tender till 30 September 2023. People can exchange the notes by 30 September, the central bank said on Friday.

Here’s everything that you need to know as per the RBI statement:

• The public can deposit Rs 2,000 notes into their bank accounts or exchange them for notes of other denominations at any bank branch.

• The RBI has also advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.

• Deposit into bank accounts can be made in the usual manner, ie, without any restrictions.

• To avoid disruption of regular activities of bank branches, the exchange of Rs 2,000 notes into notes of other denominations can be made up to a limit of Rs 20,000 at a time at any bank starting from 23 May 2023

• To finish the exercise in a timely manner and to provide enough time to the public, all banks shall provide a deposit and/or exchange facility for Rs 2,000 banknotes until 30 September 2023.

• The facility for the exchange of Rs 2,000 banknotes up to the limit of Rs 20,000 at a time shall also be provided at the 19 Regional Offices of RBI having Issue Departments from 23 May 2023.

You can read the full RBI guidelines here:

Reserve Bank of India has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect though banknotes in Rs 2000 denomination will continue to be legal tender. https://t.co/yLWWpyuahL pic.twitter.com/kPTMqlm1XD

— ANI (@ANI) May 19, 2023

The RBI started printing Rs 2,000 notes in November 2016 after Prime Minister Narendra Modi announced the demonetisation and withdrew the legal tender status of all Rs 500 and Rs 1,000 bank notes that were in circulation at that time.

With inputs from agencies

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