RBI withdraws Rs 2,000 currency notes from circulation, asks people to deposit/exchange them by September 30

NEW DELHI — The Reserve Bank of India (RBI) on Friday announced withdrawal of Rs 2,000 currency notes from circulation. However, the Rs 2,000 currency notes will continue to be legal tender.

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

The existing Rs 2,000 currency notes in circulation can either be deposited in bank accounts or exchanged by September 30, 2023.

The Reserve Bank of India (RBI) has asked people to deposit the Rs 2,000 banknotes into their accounts and/or exchange them into banknotes of other denominations at any bank branch.

The 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 Rs 2,000 denomination bank note was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of legal tender status of all Rs 500 and Rs 1,000 bank notes that were in circulation at that time.