RBI withdraws Rs 2,000 note : exchange any bank branch up to September 30

Staff Reporter

RBI withdraws Rs 2,000 note: The Reserve Bank of India has decided to withdraw the Rs 2,000 denomination banknotes from circulation but they will continue to remain as legal tender. It has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect. Meanwhile, RBI said that citizens will continue to be able to deposit Rs 2,000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023. The Rs 2,000 denomination banknote was introduced in November 2016, primarily to meet the currency requirement of the economy in an expeditious manner after the withdrawal of the legal tender status of all Rs 500 and Rs 1,000 banknotes in circulation at that time. The objective of introducing Rs 2,000 banknotes was met once banknotes in other denominations became available in adequate quantities. Therefore, the printing of Rs 2,000 banknotes was stopped subsequently in 2018-19, stated RBI. About 89 per cent of the Rs 2000 denomination banknotes were issued prior to March 2017 and are at the end of their estimated life span of four-five years.

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