The Reserve Bank of India (RBI) today announced the withdrawal of Rs 2,000 currency notes from circulation.
The existing notes in circulation could either be deposited in bank accounts or exchanged by September 30, the RBI said. However, the bank notes in Rs 2,000 denomination would continue to be a legal tender.
In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the RBI said the exchange of Rs 2,000 notes into banknotes of other denominations could be made up to a limit of Rs 20,000 at a time at any bank starting from May 23, 2023.
The RBI has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect.
Besides, the facility for exchange of Rs 2,000 banknotes up to the limit of Rs 20,000 at a time would be provided at the 19 Regional Offices (ROs) of the RBI having issue departments from May 23.
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 old Rs 500 and Rs 1,000 banknotes in circulation at the time.
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