RBI announces withdrawal of Rs 2000 note from circulation

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.