The Reserve Bank of India has decided to withdraw the Rs 2,000 denomination banknotes from circulation. However, the central bank has 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.
The central bank has also asked banks to stop issuing Rs 2,000 notes with immediate effect. This change has been brought about in pursuance with RBI’s “Clean Note Policy”, RBI said in its communique.
Members of the public will be allowed to deposit Rs 2,000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch.
However, RBI added that 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.
Deposit into bank accounts can be made in the usual manner, that is, without restrictions and subject to extant instructions and other applicable statutory provisions, the central bank added.
The facility to exchange Rs 2,000 banknotes upto the limit of Rs 20,000 at a time will also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments from May 23, 2023.
RBI said that it had undertaken a similar withdrawal of notes from circulation in 2013-2014.
Rs 2000 Note Circulation Banned By RBI 10 Big UPDATES: In a big decision, Reserve Bank Of India today stopped the circulation of Rs 2,000 currency notes. The big decision on the Rs 2,000 currency note doesn’t mean that it will stop the notes validation. The notes can be used in the formal manner, howerver, the currency holder will need to exchange them on or before 30th September, 2023.
1. RBI Bans Rs 2000 Notes: The RBI, in a surprise decision, has banned Rs 2,000 notes.
2. Are Rs 2000 Demonetised: No, the Rs 2,000 notes are not demonetised. That means – they can still be used for transanctions of all types till the 30th September, 2023.
3. Last date to exchange: The last date to exchange Rs 2,000 notes is September 30th.
4. Where to exchange Rs 2,000 notes: At all banks and RBI regional centres.
5. Exchange Limit: A total of Rs 2,000 will be available to exchange in one go from one bank
6. When will the Exchange of Notes start: Exchange of Rs 2000 note will start on May 23.