RBI asks banks to stop issuing Rs 2,000 notes with immediate effect; check details
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.
FollowThe Reserve Bank of India on Friday (May 19) decided to withdraw the Rs 2,000 denomination banknotes from circulation. The central bank 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.
In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said 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.
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In the statement, RBI said, "In pursuance of the "Clean Note Policy" of the Reserve Bank of India, it has been decided to withdraw the Rs 2000 denomination banknotes from circulation. The banknotes in Rs 2000 denomination will continue to be legal tender. To complete the exercise in a time-bound manner and to provide adequate time to the members of public, all banks shall provide deposit and/or exchange facility for Rs 2000 banknotes until September 30, 2023."
Besides, the facility for exchange of Rs 2,000 bank notes up to the limit of Rs 20,000 at a time will be provided at the 19 Regional Offices (ROs) of the RBI having issue departments from May 23.
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.
