Rs 2,000 notes withdrawn from circulation, RBI says will remain legal tender
19 May
The Reserve Bank of India (RBI) has decided to withdraw Rs 2,000 denomination banknotes from circulation. However, the notes will continue as legal tender, the central bank said in a circular on Friday.
The RBI has advised banks to stop issuing Rs 2,000 denomination banknotes with immediate effect. In a circular, the central bank said that all Rs 2,000 currency notes must be exchanged before September 30, 2023.The central bank also said in order to ensure operational convenience and to avoid disruption of regular activities of bank branches, exchange of Rs 2,000 notes into notes of other denominations can be made upto a limit of Rs 20,000 at a time at any branch starting from May 23.