New Delhi, May 19: The Reserve Bank of India has decided to withdraw the Rs 2,000 denomination banknotes from circulation. However, the central bank has said that the currency notes will continue to be legal tender till September 30. RBI has asked banks to provide deposit and/or exchange facility for Rs 2,000 notes until September 30, 2023.
The central bank has also asked banks to stop issuing Rs 2,000 notes with immediate effect. This change has been brought about in pursuance with RBI's “Clean Note Policy”, RBI said in its communique.
Members of the public will be allowed to deposit Rs 2,000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch.
However, RBI added that exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.
Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions, the central bank added.
The facility to exchange Rs 2,000 banknotes upto the limit of Rs 20,000 at a time will also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.
RBI said that it had undertaken a similar withdrawal of notes from circulation in 2013-2014.
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