The Reserve Bank of India has decided to withdraw Rs. 2,000 bank notes from circulation. However, RBI in a statement clarified that the above-said notes will continue to be legal tender. In the statement, RBI explained that the other denominations of the banknotes are available in adequate quantities and hence the decision.
The official statement reads, “The Reserve Bank of India has advised banks to stop issuing Rs. 2,000 denomination banknotes with immediate effect. Members of the public are encouraged to utilize the time up to September 30, 2023, to deposit and/or exchange the Rs. 2,000 banknotes. Separate guidelines have been issued to the banks.”
Also, from May 23rd, 2023, the facility for the exchange of Rs. 2,000 bank notes up to the limit of Rs. 20,000 at a time shall also be provided at the 19 regional offices of RBI having issue departments.
