RBI To Withdraw Rs 2000 Currency Notes
Update: 2023-05-19 19:29 IST
The Reserve Bank of India stated on Friday that all Rs 2,000 currency notes would be removed from circulation and that those still in use could be deposited in bank accounts or exchanged by September 30. The RBI affirmed that the banknotes with a face value of Rs 2,000 will remain legal tender.
The RBI announced that beginning on May 23, 2023, any bank will be able to exchange Rs 2,000 bank notes for up to a maximum of Rs 20,000 at a time in order to maintain operational convenience and prevent disrupting the routine operations of bank branches.
Aside from that, starting on May 23, the 19 Regional Offices (ROs) of the RBI with issuing divisions will offer the option to exchange notes worth up to 20,000 rupees each.
After all of the Rs 500 and Rs 1,000 bank notes that were in use at the time lost their legal tender validity, the Rs 2,000 denomination bank note was issued in November 2016 primarily to quickly address the financial needs of the economy.