RBI decides to Withdraw Rs. 2000 Denomination Banknotes: Exchange before 30th Sep,2023

RBI has made a decision to withdraw Rs.2000 denomination bank notes from circulation but they would continue to remain the legal tender. The RBI has instructed all citizens they can deposit the Rs.2000 notes into bank account and /or exchange them into bank notes of other denomination at any bank branch before 30th September,2023. It has advised banks to stop issuing RS. 2000 denomination banknotes with immediate effect.

In the month of November, in the year, 2016, Rs. 2000 denomination bank notes, primarily to meet the currency requirement of the economy in an expeditions manner after the withdrawal of the legal tender status of all Rs 500 and Rs,1000 bank notes in circulation at that time.

RBI stated that, it has also found that, this denomination is not commonly used for transactions, further, the stock of banknotes in other denomination continues to be adequate to meet the currency requirement of the public.

“ in order to ensure operation convenience and to avoid disruption of regular activities of bank branches, exchange of Rs. 2000 banknotes into bank notes of other denominations can be made up to a limit of Rs. 20,000 at a time any bank starting from May 23rd,2023.