RBI announces withdrawal of Rs 2,000 notes from circulation

The Reserve Bank of India tonight announced withdrawal of 2,000-rupee bank notes from circulation, and said existing notes in circulation can either be deposited in bank accounts or exchanged by September 30.

The 2,000-rupee bank notes will continue to be a legal tender, the RBI said in a statement, reports our New Delhi correspondent.

In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said exchange of 2,000-rupee bank notes into notes of other denominations can be made up to a limit of 20,000 rupees at a time at any bank starting from May 23, 2023.

The RBI has advised banks to stop issuing 2,000-rupee bank notes with immediate effect.

Besides, the facility for exchange of 2,000-rupee bank notes up to 20,000 rupees at a time will be provided at the 19 Regional Offices (ROs) of the RBI having issue departments from May 23.

The 2,000-rupee 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 500-rupee and 1,000-rupee bank notes that were in circulation at the time.