RBI announces withdrawal of Rs 2000 note from circulation

RBI announces withdrawal of Rs 2000 note from circulation

Daily Current Affairs   /   RBI announces withdrawal of Rs 2000 note from circulation

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Category : Business and economics Published on: May 22 2023

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  • The Reserve Bank of India (RBI) has announced the withdrawal of Rs 2000 banknotes from circulation, although these notes will continue to be legal tender, according to a statement released by the central bank. 
  • The RBI has also advised banks to cease issuing the Rs 2000 denomination banknotes immediately.
  • This decision is in line with the RBI's "Clean Note Policy" and follows a similar withdrawal of notes in 2013-2014. 
  • Individuals can deposit their Rs 2000 banknotes into their bank accounts or exchange them for banknotes of other denominations at any bank branch.
  • Banks are instructed to offer deposit and/or exchange facilities for Rs 2000 banknotes until September 30, 2023, allowing sufficient time for the public to complete the necessary transactions.
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