RBI's Decision: Withdrawal of Rs2000 Notes from Circulation while Retaining Legal Tender Status
In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, the exchange of Rs 2000 banknotes into banknotes of other denominations can be made upto a limit of Rs 2000/- at a time at any bank starting from May 23, 2023,
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RBI announcement, currency circulation, cash transactions, Indian currency
Reserve Bank of India today announced that it will withdraw ₹2000 notes from circulation.
However, the currency will continue as Legal Tender.
As per RBI, this denomination is not commonly used for transactions.
People may deposit ₹2000 banknotes into their bank accounts and/or exchange them into banknotes of other denominations at any bank branch, RBI said.
"In order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of ₹2000 banknotes into banknotes of other denominations can be made upto a limit of ₹20,000/- at a time at any bank starting from May 23, 2023," a press note issued by RBI says.
The deposit/ exchange facility will be available until September 30, 2023.
The ₹2000 denomination banknote was introduced in November 2016 under Section 24(1) of RBI Act, 1934 following demonetization of ₹500 and ₹1000 notes in circulation at that time.
As per a press release issued today by RBI's Chief General Manager, the objective of introducing ₹2000 banknotes was to meet the currency requirement of the economy at the time.
It said this objective was met once banknotes in other denominations became available in adequate quantities and therefore, printing of ₹2000 banknotes was stopped in 2018-19.
"In view of the above, and in pursuance of the “Clean Note Policy” of the Reserve Bank of India, it has been decided to withdraw the ₹2000 denomination banknotes from circulation.
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