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