The Reserve Bank of India has decided to withdraw the Rs 2000 denomination banknotes from circulation but they will continue to remain as legal tender.
It has advised banks to stop issuing Rs 2000 denomination banknotes with immediate effect.
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Meanwhile, RBI said that citizens will continue to be able to deposit Rs 2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch up to September 30, 2023.
“In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, 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,” RBI said.
The Rs 2,000 denomination bank notes which the RBI has decided to withdraw from circulation will continue to remain legal tender even after September 30, sources informed ANI.
The central bank believes that four-month time is enough for people to exchange these notes at banks. Most of the Rs 2,000 notes that are in circulation are expected to return to banks within the given time frame of 30 September.
This is a routine exercise of RBI and people need not panic, the source added.
