Rs 2,000 rupee note withdrawn but will remain legal tender

The Reserve Bank of India on Friday withdrew the Rs 2,000  notes from circulation, but they will continue to remain legal tender. The notes can be exchanged from the banks starting May 23, 2023 till September 30, 2023. The notes can be exchanged 10 at a time that is Rs 20,000.

However it is clarified that if someone already have Rs 2,000 note then they can be used. RBI also stated that if someone wants to exchange these notes with that of other denominations they can go in bank and exchange them.  The Reserve Bank of India in its circular, has advised banks to stop issuing ₹2,000 denomination banknotes with immediate effect.

RBI also added ” To complete the exercise in a time-bound manner and to provide adequate time to the members of public, all banks shall provide deposit and/or exchange facility for ₹2,000 banknotes until September 30, 2023″

RBI in its circular also provided details about the exchange process at its regional offices. “The facility for exchange of ₹2000 banknotes upto the limit of ₹20,000/- at a time shall also be provided at the 19 Regional Offices (ROs) of RBI having Issue Departments1 from May 23, 2023.”

RBI also stated that printing of ₹2,000 bank notes was stopped in 2018-19.  RBI also provided data on Rs 2,000 notes. It added “The total value of these banknotes in circulation has declined from ₹6.73 lakh crore at its peak as on March 31, 2018 (37.3% of Notes in Circulation) to ₹3.62 lakh crore constituting only 10.8% of Notes in Circulation on March 31, 2023”