Rs 2000 banknotes withdrawn: What should you do with your notes? RBI answers

According to RBI, it has observed that Rs 2,000 denomination is not commonly used for transactions. It also said that the stock of banknotes in other denominations continue to be adequate to meet the currency requirement of the public.

The Reserve Bank of India on Friday (May 19) decided to withdraw Rs 2,000 denomination banknotes from circulation and asked the public to exchange them by September 30, 2023. However, the Rs 2,000 notes will continue to be legal tender.

According to RBI, it has observed that Rs 2,000 denomination is not commonly used for transactions. It also said that the stock of banknotes in other denominations continue to be adequate to meet the currency requirement of the public.

With this, in pursuance of the "Clean Note Policy' – a policy adopted by RBI to ensure availability of good quality banknotes to the members of public – the central bank decided to withdraw the Rs 2000 denomination banknotes from circulation.

Here's what you should do with your Rs 2000 denomination banknotes?

The public must approach bank branches for deposit or exchange this denomination banknotes held by them. The facility for deposit into accounts and exchange for Rs 2000 banknotes will be available at all banks starting on May 23, 2023 until September 30, 2023. The exchange facility will also be accessible at the 19 RBI Regional Offices (ROs) with Issue Departments.

The banks have been advised to implement provisions that would make it less difficult for older citizens, those with disabilities, and others to exchange or deposit notes worth Rs 2000.