Reserve Bank of India (RBI) has announced to withdraw Rs 2,000 currency notes from circulation

On Friday, the Reserve Bank of India (RBI) announced its decision to remove the Rs 2000 currency note from circulation.

Banks have been instructed by the RBI to immediately cease the issuance of Rs 2000 denomination banknotes.

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Until September 30, 2023, all banks will offer deposit and/or exchange services for Rs 2000 banknotes.

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After September 30, 2023, the Rs 2000 notes will no longer be considered legal tender.

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The RBI stated that the objective of introducing Rs 2000 banknotes was fulfilled when an ample quantity of banknotes in other denominations became available. As a result, the printing of Rs 2000 banknotes was halted in 2018-19.

Starting from May 23, 2023, individuals can exchange Rs 2,000 notes, up to a limit of Rs 20,000 at a time, at any of the 19 Regional Offices (ROs) of RBI.

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The introduction of the Rs 2,000 denomination banknote took place in November 2016 as per Section 24(1) of the RBI Act, 1934.

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The majority of Rs 2,000 denomination notes were issued before March 2017 and have reached the end of their estimated lifespan of 4-5 years.

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